Exchange Rate 1 Canadian Dollar To Philippine Peso
Introduction
Are you planning to travel to the Philippines or do business with Filipinos? Then it's important to know the current exchange rate of the Canadian dollar to the Philippine peso. This article will guide you through the latest information on the Canadian dollar to Philippine peso exchange rate and how it affects your transactions.
What Is the Exchange Rate of 1 Canadian Dollar to Philippine Peso?
The exchange rate of 1 Canadian dollar to Philippine peso varies depending on the currency exchange market. As of August 2021, the exchange rate is approximately 36.10 Philippine pesos for 1 Canadian dollar. However, the exchange rate can fluctuate daily due to various factors such as economic conditions, political events, and global market trends.
Exchange Rate History
The Canadian dollar to Philippine peso exchange rate history can give you an idea of how the exchange rate has changed over time. In 2016, the exchange rate was around 33 Philippine pesos for 1 Canadian dollar. In 2017, it increased to 38 Philippine pesos for 1 Canadian dollar. In 2018, it peaked at 41 Philippine pesos for 1 Canadian dollar. In 2019, it started to decline and was around 37 Philippine pesos for 1 Canadian dollar. In 2020, it was around 35 Philippine pesos for 1 Canadian dollar.
Factors That Affect the Exchange Rate
The exchange rate of the Canadian dollar to Philippine peso is influenced by several factors. One of the major factors is the economic condition of both countries. If Canada's economy is doing well, the demand for Canadian dollars increases, which can lead to an increase in its value. Similarly, if the Philippine economy is doing well, the demand for the Philippine peso increases, which can lead to an increase in its value.
Other factors that affect the exchange rate include political events, interest rates, inflation rates, and global market trends. For example, if there is political instability in the Philippines, it can lead to a decrease in the value of the Philippine peso.
Exchange Rate Forecast
Forecasting the exchange rate of the Canadian dollar to Philippine peso can be tricky because it depends on several factors. However, some experts predict that the exchange rate will remain stable in the near future. According to Trading Economics, the exchange rate is expected to be around 36.70 Philippine pesos for 1 Canadian dollar by the end of 2021.
How to Exchange Canadian Dollar to Philippine Peso
If you need to exchange Canadian dollars to Philippine pesos, you can do it in several ways. One of the most common ways is to use a currency exchange service. There are several currency exchange services available in the Philippines, including banks, airports, and money changers.
Another way to exchange currency is to use an online money transfer service. There are several online money transfer services available that allow you to send money from Canada to the Philippines. These services are often cheaper than traditional currency exchange services, but they may take longer to process.
Conclusion
Knowing the exchange rate of the Canadian dollar to Philippine peso is important if you are planning to travel to the Philippines or do business with Filipinos. The exchange rate can fluctuate daily, so it's important to stay up-to-date with the latest information. By understanding the factors that affect the exchange rate, you can make informed decisions when exchanging currency.