Exchange rate on currencies and using them wisely
The Canadian Dollar Exchange Rates against the US dollar is a reference to how strong the currency of our northern neighbor is against our own. When the US dollar is stronger, Americans can find it more economical to make purchases across the border on every day items. The reverse occurs when the Canadian Dollar is stronger than the USD which is the current situation.
The bank rates that decide what a currency is worth is left to the open market and credit worthiness of the country issuing the funds. A country can make their currency stronger buy purchasing it on the open market and removing it from circulation. Likewise, if a country begins printing more currency and releasing it to the open market, its value will decrease.
The Canadian Dollar and its current exchange rate as of April 7, 2011 is the following against the other major currencies of the world. The CAD is worth 1.04294 USD. Against the Australian Dollar the CAD is worth 0.994086. As compared against the English pound the CAD is worth 0.639577. Against the Euro the CAD is worth 0.730194.
Since October of 2010, the CAD is grown in strength against the USD at a steady rate. This makes the Canadian goods and services more expensive than their American counterparts. It also makes the American Goods less expensive for Canadians to purchase which is helping the American Economy grow.
Since both are on the open market, this rate has and will continue to fluctuate over time. The different governments of the world set their own monetary policies and must consider trade, inflation and interest rates along with their effect on the local and world economy.
At this time the Canadian Dollar Exchange Rates are in favor Canadians buying American goods, but that can change without notice.
We strive to bring you the latest and most accurate data possible from the home sites of the financial institutions we name. Always remember, the bigger the risk, the larger the reward or loss. Invest with caution.
For additional resources involving financial help, please view Sovereign Bank Online, PNC Online Banking, Best Banks Rates, best bank savings rates, Westpac Online Banking and Online Banks at http://www.onlinebanksblog.com/union-online-banking
Processing your request, Please wait....
