CAD to USD Historical Chart: 1 Year Analysis
Monthly Breakdown
1. August 2023 The CAD to USD exchange rate started August 2023 at approximately 0.7420. Throughout the month, the rate saw slight fluctuations but remained relatively stable. The Canadian dollar showed some resilience due to stable oil prices and a strong economic performance in Canada.
2. September 2023 In September, the CAD/USD rate rose to about 0.7500. This increase was attributed to stronger-than-expected economic data from Canada and a relatively weaker US dollar as the Federal Reserve signaled a potential pause in interest rate hikes.
3. October 2023 October witnessed increased volatility with the CAD/USD rate fluctuating between 0.7400 and 0.7550. The uncertainty was driven by global economic concerns, including trade tensions and fluctuating oil prices, which significantly impacted the Canadian dollar.
4. November 2023 By November, the CAD/USD exchange rate had stabilized around 0.7450. Canadian economic resilience and favorable trade reports helped stabilize the currency pair despite ongoing global uncertainties.
5. December 2023 December saw a slight decline in the CAD/USD rate, dropping to 0.7400. Seasonal economic factors and market adjustments following the holiday period contributed to this decrease.
6. January 2024 In January 2024, the exchange rate experienced a rebound, rising to approximately 0.7550. This uptick was influenced by a stronger Canadian economy and positive market sentiment towards Canada's economic outlook.
7. February 2024 February's exchange rate showed stability around 0.7500. The Canadian dollar maintained its strength against the USD due to robust economic indicators and a relatively stable global oil market.
8. March 2024 March experienced a notable appreciation in the CAD/USD rate, reaching 0.7650. This rise was driven by increasing oil prices and Canada's strong economic performance, which positively impacted the Canadian dollar.
9. April 2024 In April, the exchange rate slightly corrected to around 0.7600. This adjustment was influenced by some global economic uncertainties and adjustments in market expectations regarding interest rate policies.
10. May 2024 May saw the CAD/USD rate stabilize at approximately 0.7550. The stability was a result of balanced economic data from both Canada and the US, with neither economy showing drastic changes.
11. June 2024 In June, the rate experienced a mild decline to 0.7500. Market reactions to global economic developments and shifts in commodity prices contributed to this adjustment.
12. July 2024 The CAD/USD exchange rate in July was around 0.7550. This stability was attributed to steady economic conditions in Canada and a relatively balanced global economic environment.
Factors Influencing the CAD/USD Exchange Rate
1. Oil Prices As Canada is a major oil exporter, fluctuations in global oil prices significantly impact the CAD/USD exchange rate. Higher oil prices generally benefit the Canadian dollar, while lower prices can lead to a depreciation of the CAD.
2. Economic Data Economic indicators such as GDP growth, employment figures, and inflation rates play a crucial role in determining the CAD/USD exchange rate. Positive economic data from Canada tends to strengthen the CAD, while weak data can weaken it.
3. Interest Rates Interest rate decisions by the Federal Reserve and the Bank of Canada influence the CAD/USD rate. Higher interest rates in Canada can attract investors and strengthen the CAD, while lower rates can have the opposite effect.
4. Geopolitical Events Geopolitical events, including trade agreements, political instability, and global economic conditions, impact investor sentiment and influence the CAD/USD exchange rate.
Visual Representation
To provide a clearer view of the CAD to USD exchange rate movements, the following table summarizes the monthly closing rates over the past year:
| Month | CAD/USD Rate |
|---|---|
| August 2023 | 0.7420 |
| September 2023 | 0.7500 |
| October 2023 | 0.7400 |
| November 2023 | 0.7450 |
| December 2023 | 0.7400 |
| January 2024 | 0.7550 |
| February 2024 | 0.7500 |
| March 2024 | 0.7650 |
| April 2024 | 0.7600 |
| May 2024 | 0.7550 |
| June 2024 | 0.7500 |
| July 2024 | 0.7550 |
Conclusion
The CAD to USD exchange rate over the past year has been characterized by volatility and adjustments in response to various economic and geopolitical factors. Understanding these trends provides valuable insights for investors and businesses engaged in cross-border transactions or investments. By analyzing the historical data and considering the influencing factors, one can gain a better understanding of the dynamics between the Canadian and US dollars.
Popular Comments
No Comments Yet