He euro is paid at the beginning Average of 1.62 Canadian dollarswhich represented a change of 0.01% from the previous day’s 1.62 Canadian dollars, it said Dow Jones.
Regarding last week, the euro recorded an increase of 0.03% and is still up for a year 8.97%.
Compared to previous data, it reverses the result of the previous day, where it ended with a decline of 0.08%, without detecting a defined trend. In the last seven days, the volatility has been significantly lower than last year’s data (6.05%), so we can say that it is currently in a period of greater stability.
The Bank of Canada estimates inflation will remain in a range of around 2% in 2025. According to Pierre Cléroux, vice-president of the Business Development Bank of Canada, this situation could encourage the agency to maintain a downward trend in interest rates towards 2.75 percent in the middle of this period and even to 2.5 percent at the end.
In 2024, the Bank of Canada decided to change its direction towards less harsh economic policies and began reducing interest rates from their maximum level, which reached 5%. This move helped curb inflation in the North American country and the trend is expected to continue this year.
The election of Donald Trump for his second term as President of the United States caused uncertainty in the region, particularly due to his planned economic policies.
Over this period, consumer spending and the recovery in housing investment are expected to form the basis for GDP growth in 2025, while interest rates gradually decline.
The Canadian dollar is the official currency unit in Canada, the abbreviation CAD is used and it is divided into 100 cents.
It is worth noting that the Canadian dollar has been used throughout almost the entire history of the country, having replaced the British pound sterling, the Spanish dollar and the peso.
It was on July 1, 1858 that the authorities ordered the minting of the first Canadian dollars, which in the following years were converted to the decimal system. However, it took until 1871 for the monetary union of all Canadian provinces to use the dollar to be approved, ultimately abolishing the gold standard in 1933.
Currently in use are the Canadian coins of 1, 5, 10 and 25 cents, 1 and 2 dollars issued by the Royal Canadian Mint; The $5, $10, $20, $50, $100 and $1,000 bills, on the other hand, are issued by the Bank of Canada and manufactured in Ottawa.
On the economic front, the Organization for Economic Co-operation and Development (OECD) recently confirmed that Canada has passed its tipping point and is entering a period of moderate growth following the harsh setback caused by the COVID-19 pandemic.
On the other hand, at the end of 2021, Canada also managed to position itself as the main trading partner of the United States, with a share of 14.5% of the country’s 15 main partners.
The International Monetary Fund (IMF) forecasts Canada will grow 4.1% in 2022 and 2.8% through 2023, which would represent a slowdown from 2021’s 4.7%.
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