Current Exchange Rate Mexican Peso To Canadian Dollar
The Mexican peso and Canadian dollar are two currencies that are popular in the global financial market. Both currencies have their unique features that make them attractive to investors, traders, and tourists alike. In this article, we will discuss the current exchange rate between the Mexican peso and Canadian dollar.
What is the Mexican Peso?
The Mexican peso is the official currency of Mexico. It was introduced in 1993 and has since become one of the most traded currencies in the world. The Mexican peso is abbreviated as MXN and is often represented by the dollar sign ($).
What is the Canadian Dollar?
The Canadian dollar is the official currency of Canada. It is abbreviated as CAD and often represented by the dollar sign ($). The Canadian dollar is the seventh most traded currency in the world and is often referred to as the "loonie" due to the image of a loon on the one-dollar coin.
Current Exchange Rate
As of September 2021, the current exchange rate between the Mexican peso and Canadian dollar is 1 MXN equals 0.07 CAD. This means that for every Mexican peso exchanged, you will receive approximately 0.07 Canadian dollars in return.
Factors Affecting the Exchange Rate
The exchange rate between the Mexican peso and Canadian dollar is determined by various factors, including economic indicators, political events, and market sentiments. Some of the factors that affect the exchange rate include inflation rates, interest rates, trade balances, and geopolitical events.
Benefits of the Exchange Rate
The current exchange rate between the Mexican peso and Canadian dollar presents several benefits for investors, traders, and tourists. For investors, it provides an opportunity to diversify their portfolio and take advantage of market fluctuations. For traders, it presents a chance to profit from the price differences between the two currencies. For tourists, it means they can get more for their money when traveling to Canada.
Conclusion
The exchange rate between the Mexican peso and Canadian dollar is an important indicator of the global financial market. As of September 2021, the exchange rate stands at 1 MXN equals 0.07 CAD. The exchange rate is affected by various factors, including economic indicators, political events, and market sentiments. The current exchange rate presents several benefits for investors, traders, and tourists alike.