The following are the last movements that were recorded in the exchange rate between the Mexican currency and the Canadian one.
Mexican Peso is one of the 10 most traded currencies in the international foreign exchange market, the most negotiated in Latin America and the third globally. Its cost has great significance at a national or regional level, as the country is characterized by being one of the main commercial partners of Canada and the United States.
The exchange rate is the value of one currency expressed in terms of another country’s divisa, this conversion facilitates international trade in goods and services, as well as the transfer of funds between nations. Canada and Mexico have a significant relationship due to the Trade Agreement T-MEC. For these reasons, we will share below how much the exchange rate is between the Canadian dollar and the Mexican peso.
The Canadian dollar is paid at the beginning of today at an average of 14.7406 pesos. The value of the currency in yesterday’s market close was 14.5714 pesos.
According to information from Investing, the annual range in the exchange rate of this currency is between 11.9698-14.7275 pesos, representing a variation of 18.01% over that period.
Various factors determine the level of exchange rate, monetary policies, inflation, trade balance, and consumer expectations are among the issues that influence the value of currencies.
Mexicans living in Canada
According to official statistics from the last census conducted in Canada, Mexicans are the third largest population of Latin America and the Caribbean with the greatest presence in its territory and the first among Spanish-speaking countries. In 2021 a total of 132,220 people born in Mexico were counted living in that country.
The Canadian government considered that 75.8 percent of this population are permanent residents who obtained Canadian citizenship by naturalization or were born in Mexico with one Canadian parent. The 24.2 percent were classified as non-permanent residents, including Mexicans who obtained a work visa or students on exchange programs.
According to the Mexican Government, remittances from Canada totaled $216 million during the first quarter of this year and $930 million in 2023.
Economic situation
In the foreign exchange market, the supply and demand of currencies will determine the value of the exchange rate. Public policies as well as monetary policies have a great influence on the fluctuation of one currency.
The Canadian dollar is the official unit of currency for the North American country and is represented under the symbols CAD in the foreign exchange market. This currency has been used almost throughout the country’s history.
Canada has historically characterized itself by being one of the main commercial partners of the United States and with the Mexico, United States, and Canada Trade Agreement (T-MEC) approved in 2020 it maintains a significant commercial relationship with the national market.
According to the Organization for Economic Co-operation and Development (OECD), it confirmed that the North American country is heading towards a period of moderate growth after the “tough blow” represented by the coronavirus pandemic.
In 2021, the country positioned itself as the main commercial partner of the United States with a participation of 14.5 percent in that market.
Economic forecasts for Canada
Experts predict that this year the country’s financial situation will suffer fewer economic difficulties, taking into account that inflation slowed down last year and monetary policies were restrictive. The Central Bank of the country has been struggling for years to lower inflation indexes since prices increased in 2021. Canada’s economy was boosted last year by the historic growth of its population.
Economists predict that the country’s economy will regain momentum in the second half of this year, assuming Canadians can withstand the current situation facing the country.
Source: Infobae
