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How did the USD to Canadian dollar exchange rate change in 2016?

avatarmennog19Nov 28, 2021 · 3 years ago1 answers

Can you provide a detailed analysis of how the exchange rate between the USD and the Canadian dollar fluctuated throughout the year 2016? I am particularly interested in understanding the factors that influenced these changes and how they affected the overall economy.

How did the USD to Canadian dollar exchange rate change in 2016?
USD
Canadian Dollar
Exchange Rate

1 answers

  • avatarNov 28, 2021 · 3 years ago
    At BYDFi, we closely monitor the USD to Canadian dollar exchange rate and its fluctuations. In 2016, the exchange rate between these two currencies experienced significant ups and downs. The rate started the year around 1.39 CAD per USD and reached a peak of 1.46 CAD per USD in March. However, it gradually declined throughout the year, reaching a low of 1.31 CAD per USD in September. From there, it remained relatively stable, fluctuating between 1.31 CAD and 1.35 CAD per USD for the rest of the year. These exchange rate changes were influenced by a variety of factors, including economic indicators, central bank policies, and global market trends. It's important for investors and traders to stay informed about these fluctuations to make informed decisions in the foreign exchange market.

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