The Canadian Dollar Exchange Rate is going through a favorable period with the Canadian Dollar appreciating against the major currencies in the world.
The comparative value (or the exchange rate) of the Canadian Dollar increased tremendously over the last few years, in relation to other currencies.
The Canadian Dollar Exchange Rate per unit Canadian Dollar (according to the latest reports of August, 2007) against the major currencies of the world is around the following exchange rates given below :
American Dollar – 0.938438
British Pound – 0.460832
Euro – 0.684442
Japanese Yen – 111.796
Swedish Krona – 6.30133
The US Dollar is basically addressed as the international standard against which all other major currencies are measured. It was only a few years ago that one Canadian Dollar was worth about 62 cents, but it appreciated swiftly and as per the present Canadian Dollar Exchange Rate, the Canadian Dollar has almost become equivalent to the US Dollar. Presently, one Canadian Dollar will fetch near about 95 US Cents, as per the Canadian Dollar Exchange Rate.
However, the appraisal achieved by the Canadian Dollar Exchange Rate against the US Dollar in addition to the currencies of the major developed nations has played an active role in decreasing the exports from Canada to the U.S. and other developed countries. The exports, mainly those carried out by the manufacturing industry have been adversely affected by the appreciation of the Canadian Dollar.
In contrast to the effects of the appraising Canadian Dollar Exchange Rate on the Canadian manufacturing industry, the Canadian citizens travelling out of Canada are now enabled to enjoy more for the worth of their money. The Canadian Dollars they take along with them, on the tours abroad, can presently be used to buy increased amounts of the currency of the country they are visiting.
Therefore, the current Canadian Dollar Exchange Rate is proving to be favorable for the Canadian citizens who can now do more with the money that they own, in the world scenario.