CAD to KRW Exchange Rate
Ah, Korea: Where else can you indulge in kimchi, visit the oldest astronomical observatory in Asia, and shop at some of the world’s largest malls.
What influences the CAD/KRW exchange rate?
The monetary policy of the Bank of Korea is focused on inflation targeting, so The Bank of Korea works on setting mid-term inflation targets. An inflation target may be set for a two-year period, but the Board may adjust their target if unexpected economic changes occur abroad or at home.1
The Canadian dollar (CAD) works under a floating exchange rate regime. Therefore, the CAD exchange rate may be determined by supply and demand. Other factors that might influence CAD’s value include commodity prices, interest rates, and inflation rates.2
Korea also follows a free-floating exchange rate system. Therefore, the CAD/KRW exchange rate may fluctuate based upon demand for primary exports. Also, KRW exchange rates against currencies other than the USD are “arrived at by arbitrating between the USD rates of foreign currencies in the international markets and the basic exchange rate of the KRW against the USD.3 As a result, the value of the USD may factor into the CAD/KRW exchange rate as well.
“As trading nations, Canada and South Korea support trade liberalization and share membership in many multilateral economic organizations including the G20, the Asia-Pacific Economic Cooperation (APEC) forum, the Organisation for Economic Co-operation and Development (OECD) and the World Trade Organization (WTO).” – Government of Canada4
- South Korea is Canada’s 7th largest merchandise trading partner, as well as Canada’s 3rd biggest partner in Asia. Top exports from Canada to South Korea include mineral ores, meat, and mineral fuels and oils, while top imports from South Korea include iron, steel, machinery, electronic equipment, and vehicles.4
- In 2015, Canada was ranked 10th in GDP, while Korea ranked 11th.5
- In 2015, Canada was the 11th largest exporter and 10th largest importer in the world.6 Korea was the 5th largest exporter and the 9th largest importer.7
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Currency Name: Korean Won
Currency Code: KRW
Currency Symbol: ₩
Central Bank: Bank of Korea
Countries Used In: Republic of Korea
Major Unit: One Won
Minor Unit: One Jeon = 1/100 of a Won
Note Denominations: ₩1,000, ₩5,000, ₩10,000, ₩50,000
Coin Denominations: ₩10, ₩50, ₩100, ₩500
KRW to CAD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the KRW to CAD exchange rate today.