Can You Get A Better Price When You Purchase Canadian Dollars With FairFX?
History of the Canadian Dollar
The Canadian dollar, otherwise known as the CAD, was established in 1817 and was printed in the Bank of Montreal. By 1858, the CAD had turned into Canada's official currency, leaving behind the Spanish Dollar from the sterling pound system that was in use by most of North America. This decision was also influenced by the US Dollar, due to its geographic location and frequent financial interactions between the countries. Also in reference to US currency, the coins and bills in Canada are almost identical to those of the US, with the exception of the people highlighted on the currency. Akin to its United States counterpart, the change comes in 1c, 5c, 10c, and 25c values. They are made to be the same size and of the same material as US currency, although most often Canadian currency is not accepted as a form of payment in the US.
The Conversion Rates Between the Historical British Pound Sterling and the Canadian Dollar
Historically, the British pound sterling has always favored better than the Canadian dollar, which is mainly due to how the money is backed. Sterling has proven to be a more stable way to back currency; thus the pound is more successful than the gold-supported CAD. Both the US Dollar and the Canadian Dollar see comparable fluctuations, due to their similar economic influences and values. 1948 proved to be one of the worst times for the CAD as the conversion rate remained .25 GBP to CAD. Since 1948, the Canadian dollar has not hit a point that low, but has instead remained between .33 and .50 GBP to CAD. In 1984, the CAD reached a high point at .58 GBP to CAD. These numbers were most promising in the late 70s through the early 90s, though they have begun to slip back down.
Convert GBP to CAD - Recent Currency Exchange Rates
For the last decade, the average rate of exchange between the GBP to the CAD has been roughly .44. Market analysts see that the current trends for the Canadian dollar are somewhat reminiscent of the trends shown by the CAD in the early '70s when the CAD entered one of its most valuable periods in history, though there is some disagreement about which way the CAD is really heading. The best time for the Canadian dollar in recent years was in 2006 when the exchange rate was at .48 GBP to CAD. The worst recent rate came in 1999 when the dollar exchanged for .42 GBP to CAD. Examining the economic condition of the country now, the exchange rates are calculated to continue on the steady path or begin to slump in the coming years.
Article Source: FxTradingStock.com
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Fair FX give some of the best exchange rates around on their range of prepaid cards. Have a look at their current exchange rates, and check out exactly how much money you could save.
by: Mark Clarke
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Date: Sat, 3 Apr 2010
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