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Dec
22
Filed Under (Finance :: Stocks, Bond & Forex) by admin
Before 1970, the Canadian currency exchange used to peg against the US dollar. Post 1970 however the condition is different an the Canadian dollar now has a floating exchange rate. The Bank of Canada which is the central bank of the company and therefore in-charge of the monetary affair of Canada tells us that as of 17 January2007, the Canadian American currency exchange rate was 0.85 US dollars. On 20 September2007 both of them came at par. On October 1 the Canadian dollar became equal to 1.01 USD and forex trading in Canada reached a fevered pitch. It was only on December 4 that it came back to below 1USD level.
