:quality(85)//cloudfront-us-east-1.images.arcpublishing.com/infobae/NF66DUUEAFH73IT45RQXJPXMHM.jpg "Closing rate of the euro in Canada this October 7 from EUR to CAD")
The euro was traded at closing 1.34 Canadian dollars on averagea variation of 0.53% compared to 1.35 Canadian dollars on average during the previous session.
Compared to last week, the euro accumulates a decrease of 0.87%so much so that over the past year it has been accumulating a drop in 6.81%. Compared to previous days, it has three sessions followed by negative numbers. Referring to last week’s volatility, it was 7.02%, which is a slightly higher figure than the annual volatility figure (6.97%), so it exhibits a more volatile behavior.
Canadian dollar
The Canadian dollar It is the official monetary unit in Canada, it is represented by the acronym CAD and 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; on the other hand, the notes of 5, 10, 20, 50, 100 and 1000 dollars are issued by the Bank of Canada and 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 is heading for a period of moderate growth, after the severe blow represented by the SARS-CoV-2 pandemic.
On the other hand, Canada has also succeeded in positioning itself as the largest trading partner of the United States at the end of 2021, with a 14.5% share compared to the nation’s top 15 partners.
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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