The Mexican peso recorded losses against the Canadian dollar at the market opening this Thursday, June 27, hours before Claudia Sheinbaum announced the new members of her cabinet. The markets are awaiting this announcement and last week it appreciated slightly after it was announced that Marcelo Ebrard will be the secretary of the economy for the next six-year term.
He Canadian dollar It is paid at the beginning of today at 13.4242 pesos on average. The value of the currency at the market close yesterday was 13.3807 pesos.
According to information from Investingthe annual range in the exchange rate of this currency is between 11.9698 – 13.8661 pesos, this represents a variation of 3.32% in said period.
Various factors determine the level of exchange rate, monetary policies, inflation, balance of trade and consumer expectation are some of the issues that influence the value of foreign exchange.
According to official statistics from the last census carried out in CanadaMexicans are the third population of Latin America and the Caribbean with the greatest presence in its territory and the first among the Spanish-speaking countries in the region. In 2021, a total of 132,220 people from Mexico living in that country were counted.
The Canadian government considered that 75.8 percent of that population are permanent inhabitants who obtained Canadian citizenship by naturalization or who were born in Mexico with a Canadian father or mother. 24.2 percent were classified as non-permanent residents. This group includes Mexicans who obtained a work visa or students who are on exchange.
According to him Government of Mexico Remittances from Canada were 216 million dollars during the first quarter of the current year and in 2023 a total of 930 million dollars were sent.
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 a currency.
The Canadian dollar is the official monetary unit of the North American country and is represented under the acronym CAD in the currency market. This currency has been used throughout almost the entire history of the country.
Canada has historically been characterized as one of the main commercial partners of the United States and, in light of the Mexico-United States-Canada Agreement (T-MEC) approved in 2020, it maintains a great commercial relationship with the national market.
According to the Organization for Economic Cooperation and Development (OECD), it confirmed that the North American country is heading towards a period of moderate growth after the “hard blow” represented by the coronavirus pandemic.
In 2021, the country managed to position itself as the main trading partner of the United States with a 14.5 percent share in said market.
Specialists predict that this year the country’s financial situation will suffer fewer economic difficulties, based on the fact that inflation slowed down last year and the country’s monetary policies were restrictive.
The country’s Central Bank has struggled in recent years to lower inflation rates since the price increase was recorded in 2021. Canada’s economy was boosted last year by historic population growth.
Economists predict that the country’s economy will get back on track in the second half of this year, if Canadians manage to endure the current situation the country is going through.
