Exchange Rate Of Canadian Dollar To Mexican Peso
Introduction
The exchange rate of the Canadian dollar to Mexican peso is an important metric for traders, investors, and travelers. Understanding the exchange rate can help you make informed decisions about when to buy and sell currency or plan your travel budget. In this article, we will discuss the factors that influence the exchange rate between the Canadian dollar and Mexican peso and how to stay up to date on the latest rates.
Factors Influencing the Exchange Rate
Several factors can influence the exchange rate between the Canadian dollar and Mexican peso. These include:
- Interest rates: Higher interest rates in Canada can attract foreign investment and increase demand for the Canadian dollar, which can lead to a higher exchange rate.
- Economic performance: A strong Canadian economy can lead to a higher demand for Canadian dollars, which can increase the exchange rate.
- Political stability: Political instability in either country can cause uncertainty and decrease demand for their currency, which can lower the exchange rate.
- International trade: Changes in international trade can affect demand for both currencies and therefore impact the exchange rate.
Current Exchange Rate
As of August 2021, the exchange rate of the Canadian dollar to Mexican peso is approximately 13.7 pesos per Canadian dollar. This means that one Canadian dollar can be exchanged for 13.7 Mexican pesos.
Historical Exchange Rates
The exchange rate between the Canadian dollar and Mexican peso has fluctuated over time. In the past 10 years, the exchange rate has ranged from a low of approximately 9.5 pesos per Canadian dollar in 2011 to a high of approximately 16.5 pesos per Canadian dollar in 2016.
How to Monitor Exchange Rates
There are several ways to stay up to date on the latest exchange rates between the Canadian dollar and Mexican peso:
- Check financial news websites: Websites such as Bloomberg, Reuters, and Yahoo Finance provide up-to-date exchange rate information.
- Use a currency converter app: Apps such as XE Currency and OANDA Currency Converter allow you to easily convert currency and monitor exchange rates.
- Check with your bank or exchange bureau: Your bank or local exchange bureau can provide you with the latest exchange rates.
Conclusion
The exchange rate between the Canadian dollar and Mexican peso is an important metric for traders, investors, and travelers. Understanding the factors that influence the exchange rate and staying up to date on the latest rates can help you make informed decisions. By monitoring exchange rates, you can ensure that you are getting the best value for your money.