Canadian Dollar To Us Dollar 12/31/21
Introduction
The Canadian dollar, also known as CAD, is the official currency of Canada. On the other hand, the US dollar, also known as USD, is the official currency of the United States. As a Canadian or American citizen, it’s important to stay updated with the exchange rate between these two currencies. This article will provide information about the CAD to USD exchange rate on December 31st, 2021.
CAD to USD Exchange Rate on 12/31/21
As of December 31st, 2021, the CAD to USD exchange rate is 0.787. This means that one Canadian dollar is equal to 0.787 US dollars. The exchange rate is constantly fluctuating based on various economic factors such as inflation, interest rates, and political stability.
Factors Affecting the CAD to USD Exchange Rate
As mentioned earlier, several factors affect the CAD to USD exchange rate. Some of these factors include:
- Inflation rates in both countries
- Interest rates set by central banks
- Political stability
- Trade agreements between the two countries
These factors can cause the exchange rate to fluctuate on a daily basis.
Importance of Exchange Rates
Exchange rates are important for several reasons. They can affect international trade, investments, and tourism. If the exchange rate is favorable, it can encourage people to invest in a particular country or visit as tourists. On the other hand, if the exchange rate is unfavorable, it can discourage people from investing or visiting.
Historical CAD to USD Exchange Rates
The CAD to USD exchange rate has been fluctuating over the years. Here are some historical exchange rates:
- December 31, 2020 - 0.782
- December 31, 2019 - 0.771
- December 31, 2018 - 0.737
- December 31, 2017 - 0.796
As you can see, the exchange rate has been fluctuating over the years. It’s important to keep track of the exchange rate if you’re planning to invest or visit either country.
Conclusion
The CAD to USD exchange rate on December 31st, 2021, is 0.787. Exchange rates are constantly fluctuating based on various economic factors. It’s important to stay updated with the exchange rate if you’re planning to invest or visit either country. Exchange rates can affect international trade, investments, and tourism. Keep track of historical exchange rates to get a better understanding of how the exchange rate has been fluctuating over the years.