Canadian Dollar To Us Dollar Historical Exchange Rates
Introduction
The Canadian dollar, also known as the loonie, is the official currency of Canada. It is abbreviated as CAD and is one of the most widely traded currencies in the world. On the other hand, the US dollar is the official currency of the United States of America, abbreviated as USD. The exchange rate between these two currencies has a significant impact on trade and investment between the two countries.
Factors affecting the CAD to USD exchange rate
The CAD to USD exchange rate is influenced by various factors, including:
- Economic performance of Canada and the US
- Interest rates set by the central banks of the two countries
- Political stability and trade policies
- Investor sentiment
Historical exchange rates
The CAD to USD exchange rate has fluctuated over the years due to various economic and political factors. Here is a look at the historical exchange rates between the two currencies:
1971-1990
In 1971, the Canadian dollar was pegged to the US dollar at a rate of 1 CAD to 1.05 USD. This peg was maintained until 1975 when the Canadian dollar was allowed to float freely against the US dollar. By 1990, the exchange rate had reached 1 CAD to 0.85 USD.
1991-2000
The 1990s saw the CAD to USD exchange rate fluctuate between 0.65 and 0.89. By the end of 2000, the exchange rate was 1 CAD to 0.68 USD.
2001-2010
During the 2000s, the CAD to USD exchange rate saw significant fluctuations due to various economic and political factors. The exchange rate reached a low of 1 CAD to 0.62 USD in 2002 and a high of 1 CAD to 1.10 USD in 2007. By the end of 2010, the exchange rate was 1 CAD to 1.00 USD.
2011-2020
The CAD to USD exchange rate in the 2010s saw further fluctuations due to various economic and political factors. The exchange rate reached a low of 1 CAD to 0.69 USD in 2016 and a high of 1 CAD to 1.36 USD in 2011. By the end of 2020, the exchange rate was 1 CAD to 0.78 USD.
Conclusion
The CAD to USD exchange rate has a significant impact on trade and investment between Canada and the US. The exchange rate has fluctuated over the years due to various economic and political factors. Understanding the historical exchange rates can help investors and businesses make informed decisions.