Dollar: opening rate today May 2 in Canada

At the start of the day the American dollar is quoted at the opening 1.29 Canadian dollars on averageso it represented an increase of 0.33% from the data of the previous session, when it was quoted at 1.29 Canadian dollars on average.

Considering the last seven days, the American dollar accumulated an increase of 0.57%so that for a year it still maintains a rise of 2.66%. As for the changes of this day compared to previous dates, it changes the direction of the previous result, when it ended with a decline of 0.4%, showing that it is unable to define a definite trend lately . The volatility of the last seven days is lower than the figure reached for the last year (6.14%), presenting itself as a value with less changes than expected recently.

In the annual photo, the American dollar it was paid at a high of 1.29 Canadian dollars on average, while its lowest level was 1.25 Canadian dollars on average.

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 creation 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.

Canadian coins of 1, 5, 10 and 25 are currently 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 the economic field, 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 blow that the coronavirus pandemic represented.

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 country’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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