Dollar opening value in Canada this March 23 USD to CAD

Dollar values fell compared to the previous day

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At the beginning of the day, the US dollar is paid at the opening at 1.26 Canadian dollars on average, which meant a decrease of 0.06% compared to 1.26 Canadian dollars on average the previous day.

Taking into account the last seven days, the US dollar marked a decline of 0.51%; however, for a year now it has still accumulated an increase of 2.31%. Analyzing this data with that of past dates, it accumulates three consecutive sessions falling. The volatility for the last week is 2.16%, which is visibly lower than the annual volatility figure (6.16%), so we can say that it is going through a period of greater stability lately.

In the annual photo, the US dollar has reached a maximum of 1.29 Canadian dollars on average, while its lowest level has been 1.25 Canadian dollars on average. The US dollar is placed closer to its minimum value than to the maximum.

The Canadian currency

The Canadian dollar is the official currency unit in Canada, to refer to it the acronym CAD and is subdivided into 100 cents.

It should be noted that the Canadian dollar has been used almost throughout the history of the country, after it replaced the British pound sterling, the Spanish dollar and the peso.

It was on July 1, 1858 when the authorities ordered the creation of the first Canadian dollars, which were adopted to a decimal system in the following years. However, it was until 1871 that the monetary unification of all Canadian provinces was approved to use the dollar, finally abolishing the gold standard in 1933.

Today, Canadian coins of 1, 5, 10 and 25 cents, 1 and 2 dollars are used, which are issued by the Royal Canadian Mint; on the other hand, 5, 10, 20, 50, 100 and 1000 dollar notes are issued by the Bank of Canada and are produced in Ottawa.

As for the economy, the Organization for Economic Cooperation and Development (OECD) recently confirmed that Canada has passed its tipping point and is heading for a period of moderate growth, following the hard blow of the coronavirus pandemic.

On the other hand, Canada has also managed to position itself as the main trading partner of the United States at the end of 2021, with a 14.5% share of the nation's 15 main partners.

The International Monetary Fund (IMF) expects Canada to grow by 4.1% by 2022 and by 2023 to grow by 2.8%, which would mean a slowdown after 4.7% in 2021.

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