Canadian Dollar To Australian Dollar Exchange Rate History
When it comes to currency exchange rates, the Canadian dollar to Australian dollar exchange rate is one that has been of interest to many individuals over the years. This article explores the history of the exchange rate between these two currencies and how it has evolved over time.
Early History
The first recorded exchange rate between the Canadian dollar and the Australian dollar dates back to the mid-20th century. In 1950, the exchange rate between the two currencies was approximately 1 Canadian dollar to 0.85 Australian dollars.
During this time, both the Canadian and Australian economies were growing rapidly, with Canada experiencing significant economic growth due to its natural resources, manufacturing, and agriculture sectors. The Australian economy, on the other hand, was booming due to its mining and agricultural sectors.
1970s and 1980s
During the 1970s and 1980s, the exchange rate between the Canadian dollar and the Australian dollar fluctuated significantly. In 1970, the exchange rate was approximately 1 Canadian dollar to 0.84 Australian dollars. However, the exchange rate dropped to 0.70 in 1975, due to the global economic recession.
During the 1980s, the exchange rate between the two currencies fluctuated between 0.75 and 0.90. This was due to various factors such as changes in interest rates, inflation rates, and economic policies in both countries.
1990s and Early 2000s
In the 1990s and early 2000s, the exchange rate between the Canadian dollar and the Australian dollar remained relatively stable. The exchange rate fluctuated between 0.75 and 1.00 Canadian dollar to 1 Australian dollar.
During this time, both Canada and Australia experienced significant economic growth due to their natural resources, manufacturing, and service sectors. This economic growth helped to stabilize the exchange rate between the two currencies.
2000s to Present
In the 2000s to present, the exchange rate between the Canadian dollar and the Australian dollar has continued to fluctuate. In 2007, the exchange rate reached a high of 1.10 Canadian dollars to 1 Australian dollar. However, the exchange rate dropped to 0.90 in 2009, due to the global financial crisis.
Since then, the exchange rate has remained relatively stable, fluctuating between 0.90 and 1.00 Canadian dollar to 1 Australian dollar. Factors that have influenced the exchange rate include changes in commodity prices, interest rates, and economic policies in both countries.
Conclusion
The Canadian dollar to Australian dollar exchange rate has a long and varied history. It has been influenced by many factors over the years, including economic growth, inflation, interest rates, and global events such as recessions and financial crises. Today, the exchange rate remains relatively stable, and it is important for individuals and businesses to stay informed about changes that may impact the exchange rate between these two currencies.