:quality(85)//cloudfront-us-east-1.images.arcpublishing.com/infobae/PTJ77YS2YJBU7LOKFLLTYO2WJQ.jpg "Closing rate of the euro in Canada on November 3 from EUR to CAD")
On the last day, the euro was listed at the close of 1.34 Canadian dollars on averageit is therefore a variation of 0.46% compared to the average of 1.35 CAD the day before.
Last week the euro records a decline 1.11%For this reason, for the past year, it has been accumulating a drop in the 7.55%. If we compare the value with the previous days, it has reversed the situation compared to the previous day, during which an increase of 0.01% was recorded, showing that it is not able to consolidate a recently defined trend. Volatility referring to last week was 5.07%, which is lower than the yearly volatility data (7.05%), indicating that it has a more stable behavior than expected lately.
The Canadian Recovery
The Canadian dollar It is the official monetary unit in Canada, it is represented by the initials CAD and it is subdivided into 100 cents.
It should be noted that the Canadian dollar has been used almost throughout the country’s history, having replaced the British pound, the Spanish dollar and the peso.
It was on July 1, 1858 that the authorities ordered the issue of the first Canadian dollars, which would be adopted in the decimal system in the following years. However, it was not until 1871 that Monetary unification has been approved of all Canadian provinces to use the dollar, finally abolishing the gold standard in 1933.
Today Canadian coins of 1, 5, 10 and 25 are used pennies, 1 and 2 dollars, issued by the Royal Canadian Mint; however, $5, $10, $20, $50, $100 and $1,000 notes are issued by the Bank of Canada and are produced in Ottawa.
In economic matters, the Organization for Economic Co-operation and Development (OECD) recently confirmed that Canada has passed its tipping point and it is heading for a period of moderate growth, after the severe blow represented by the SARS-CoV-2 pandemic.
On the other hand, it is also necessary that Canada has succeeded in positioning itself as the main trading partner of the United States at the end of 2021, with a participation of 14.5% compared to the 15 main partners of the nation.
The International Monetary Fund (IMF) predicts that Canada will grow by 4.1% in 2022 and by 2023, growth of 2.8%, which would mean a slowdown from the 4.7 reached in 2021.
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