These are the latest movements recorded in the exchange rate between the Mexican and Canadian currencies.
The Mexican peso is one of the 10 most traded currencies in the international foreign exchange market, the most traded in Latin America, and the third in the entire continent. Its value is of great importance both nationally and regionally, as the country is one of the main trading partners of Canada and the United States.
The exchange rate is the value of one currency expressed in terms of another country’s currency. This conversion facilitates the international exchange of goods and services, as well as the transfer of funds between nations. Canada and Mexico maintain an important relationship due to the USMCA trade agreement. For these reasons, we share with you the current exchange rate between the Canadian dollar and the Mexican peso.
The Canadian dollar is trading at an average of 14.1821 pesos at the start of today. The currency’s value at the close of markets yesterday was 14.1862 pesos.
According to Investing, the annual range in the exchange rate for this currency is between 11.9698 – 14.913 pesos, representing a variation of 5.97% over this period.
Various factors determine the exchange rate level, including monetary policies, inflation, trade balance, and consumer expectations.
Mexicans Living in Canada
Mexico is one of Canada’s main trading partners thanks to the USMCA (REUTERS/Christinne Muschi). According to official statistics from the latest census conducted in Canada, Mexicans are the third-largest population from Latin America and the Caribbean in the country and the largest among Spanish-speaking countries in the region. In 2021, a total of 132,220 people from Mexico were living in Canada.
The Canadian government considered that 75.8 percent of this population are permanent residents who obtained Canadian citizenship through naturalization or were born in Mexico to a Canadian parent. The remaining 24.2 percent were classified as non-permanent residents, including Mexicans who obtained a work visa or students on exchange programs.
According to the Government of Mexico, remittances from Canada amounted to 216 million dollars during the first quarter of the current year, and a total of 930 million dollars were sent in 2023.
How is the Economy in Canada?
In the foreign exchange market, the supply and demand for currencies determine the exchange rate value. Public policies, as well as monetary policies, have a significant influence on currency fluctuations.
The Canadian dollar is the official currency of the North American country and is represented by the acronym CAD in the foreign exchange market. This currency has been used throughout most of the country’s history.
Canada has historically been one of the main trading partners of the United States, and with the USMCA trade agreement approved in 2020, it maintains a strong commercial relationship with the national market.
According to the Organization for Economic Cooperation and Development (OECD), the North American country is heading towards a period of moderate growth after the “hard hit” of the coronavirus pandemic.
In 2021, the country managed to become the United States’ main trading partner, with a 14.5 percent share in that market.
Economic Forecasts for This Year
Specialists predict that this year the country’s financial situation will face fewer economic difficulties, based on the fact that inflation slowed down last year and the country’s monetary policies were restrictive.
The Central Bank has struggled in recent years to lower inflation rates since the price increases recorded in 2021. Last year, Canada’s economy was boosted by historic population growth.
Economists foresee that the country’s economy will get back on track in the second half of this year, provided that Canadians can withstand the current situation the country is going through.
Source: Infobae
