The US dollar is currently trading at an average of 1.38 Canadian dollars, marking a slight change of 0.04% compared to the previous day when it also stood at 1.38 CAD. Over the past week, the US dollar has increased by 0.61%, and it has seen a rise of 1.42% over the past year.
In recent days, the exchange rate has shown positive trends for three consecutive sessions. Comparatively, the volatility observed in the last seven days is significantly lower than that accumulated over the past year. This suggests that the recent fluctuations in the currency exchange market have been more stable than expected.
The official currency of Canada is the Canadian dollar, often abbreviated as CAD, which is further divided into 100 cents. The Canadian dollar has been in use for most of the country’s history, having replaced the British pound, the Spanish dollar, and the peso.
The first Canadian dollars were minted on July 1, 1858, transitioning to a decimal system in subsequent years. However, it was not until 1871 that a unified currency system was officially adopted across all Canadian provinces, with the gold standard being abolished in 1933.
Currently, Canadian coins include denominations of 1, 5, 10, and 25 cents, as well as 1 and 2 dollars, produced by the Royal Canadian Mint. Meanwhile, banknotes in denominations of 5, 10, 20, 50, 100, and 1000 dollars are issued by the Bank of Canada and manufactured in Ottawa.
On the economic front, the Organization for Economic Cooperation and Development (OECD) has reported that Canada has moved past its turning point and is heading towards a phase of moderate growth following the severe impact of the COVID-19 pandemic. By the end of 2021, Canada emerged as the top trading partner for the United States, accounting for 14.5% of trade with the US’s fifteen main partners.
The International Monetary Fund (IMF) forecasts that Canada will experience a growth rate of 4.1% in 2022, followed by a projected slowdown to 2.8% in 2023, down from the 4.7% growth recorded in 2021.
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