Mexican Peso To Canadian Dollar Exchange Rate History
For those who are interested in foreign exchange rates, the history of the Mexican Peso to Canadian Dollar exchange rate may be of particular interest. This exchange rate is the value of the Mexican Peso compared to the Canadian Dollar, and it has fluctuated over time due to a variety of economic and political factors.
The Early History of the Mexican Peso to Canadian Dollar Exchange Rate
The Mexican Peso to Canadian Dollar exchange rate has been in existence since the Canadian Dollar was first introduced in 1858. At this time, the Mexican Peso was the more valuable currency, and it took several Canadian Dollars to equal one peso.
Over the next several decades, the value of the Canadian Dollar increased, and by the early 1900s, the exchange rate had shifted to favor the Canadian Dollar. By the 1920s, it took around two Canadian Dollars to equal one Mexican Peso.
The Mid-20th Century and the Mexican Peso Devaluation
In the mid-20th century, the Mexican government devalued the Peso several times in an attempt to boost the country's economy. These devaluations caused the Peso to lose value compared to other currencies, including the Canadian Dollar. By the early 1970s, it took around four Canadian Dollars to equal one Mexican Peso.
The Late 20th Century and the North American Free Trade Agreement (NAFTA)
In the late 20th century, the North American Free Trade Agreement (NAFTA) was signed by Canada, Mexico, and the United States. This agreement helped to boost trade between the three countries and led to an increase in the value of the Mexican Peso.
By the late 1990s, it took around six Canadian Dollars to equal one Mexican Peso, a significant increase from just a few decades earlier.
The 21st Century and Recent Trends in the Mexican Peso to Canadian Dollar Exchange Rate
In the 21st century, the Mexican Peso to Canadian Dollar exchange rate has continued to fluctuate due to a variety of economic and political factors. In recent years, the exchange rate has been impacted by changes in oil prices, political instability in Mexico, and uncertainty surrounding trade relations between Canada and the United States.
As of August 2021, it takes around 0.065 Canadian Dollars to equal one Mexican Peso. This is a significant decrease from the exchange rate in the late 1990s, but it is still much higher than the exchange rate in the early 1900s.
Conclusion
The history of the Mexican Peso to Canadian Dollar exchange rate is a fascinating look at the ways in which economic and political factors can impact the value of currencies. While the exchange rate has shifted significantly over the years, it has generally trended in favor of the Canadian Dollar. However, recent years have seen increased volatility, and it is difficult to predict how the exchange rate will change in the future.