Canadian Dollar To Us Dollar 10 Year History
Canada and the United States share a long history of trade and commerce. The exchange rate between the Canadian dollar (CAD) and the US dollar (USD) is closely watched by businesses, investors, and individuals in both countries. In this article, we'll take a look at the 10-year history of the CAD to USD exchange rate and explore some of the factors that have influenced it.
2011: A Strong Canadian Dollar
In 2011, the Canadian dollar was strong compared to the US dollar. This was due in part to Canada's strong economy and stable political climate, which made the CAD an attractive currency for investors. The CAD reached a high of 1.0655 against the USD in February of that year.
2012-2013: A Weaker Canadian Dollar
From 2012 to 2013, the CAD weakened compared to the USD. This was due in part to declining commodity prices, which hurt Canada's economy. The CAD reached a low of 0.9637 against the USD in April 2013.
2014-2015: A Stronger Canadian Dollar
In 2014 and 2015, the CAD strengthened against the USD. This was due in part to rising oil prices, which helped Canada's economy. The CAD reached a high of 1.2835 against the USD in January 2015.
2016-2017: A Weaker Canadian Dollar
From 2016 to 2017, the CAD weakened compared to the USD. This was due in part to continuing low oil prices and uncertainty around the North American Free Trade Agreement (NAFTA), which hurt Canada's economy. The CAD reached a low of 0.7206 against the USD in January 2016.
2018-2019: A Stronger Canadian Dollar
In 2018 and 2019, the CAD strengthened against the USD. This was due in part to a rebound in oil prices and a more positive outlook for NAFTA negotiations. The CAD reached a high of 1.3662 against the USD in January 2018.
2020-2021: A Weaker Canadian Dollar
In 2020 and 2021, the CAD weakened compared to the USD. This was due in part to the global COVID-19 pandemic, which hurt both countries' economies. The CAD reached a low of 0.6879 against the USD in March 2020.
Factors Affecting the CAD to USD Exchange Rate
The exchange rate between the CAD and USD is influenced by a variety of factors, including:
- Interest rates: Higher interest rates in Canada can attract foreign investors and strengthen the CAD, while lower interest rates can weaken it.
- Commodity prices: Canada is a major exporter of commodities like oil and natural gas, so changes in commodity prices can affect the CAD.
- Trade: Canada and the US are each other's largest trading partners, so changes in trade policies or economic conditions can affect the exchange rate.
- Political stability: Uncertainty or instability in Canada or the US can affect the exchange rate.
Conclusion
The CAD to USD exchange rate has fluctuated over the past 10 years, reflecting changes in the economies and policies of both countries. Businesses, investors, and individuals who need to exchange currencies between Canada and the US should keep an eye on the exchange rate and the factors that influence it.