CAD to MXN Exchange Rate
Ah, Mexico: Home of corn, chilies, chocolate and the largest pyramid on the planet. Olé, olé, olé!
What influences the CAD/MXN exchange rate?
In Mexico, the Foreign Exchange Commission consists of officials from the Bank of Mexico and the Ministry of Finance, and it’s responsible for the foreign exchange policy of Mexico. In 1994, it was determined that market forces would establish Mexico’s exchange rate, so the nation follows a floating exchange rate/free float regime like Canada.1
Because the United States is the primary trading partner for both countries, the value of the USD may have a profoundly influential role on the value of both the CAD and the MXN. In 2017, the peso fell to a record low against the USD due to President Trump’s unfavourable outlook toward Mexico, because trade partnerships are critical factors for a country’s GDP.
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
“Canada and Mexico are each other’s third largest trading partner, with two-way merchandise trade reaching over $37.8 billion in 2015.”– Government of Canada3
In addition to the many Canadian organizations that have investment, trade, and business ties in Mexico, Canadian direct investment in Mexico went above $14.8 billion (stock) in 2015. That same year, Mexican investment in Canada was $1.4 billion (stock).3
- In 2015, Canada was ranked 10th in GDP, while Mexico ranked 15th.4
- In 2015, Canada was the 11th largest exporter and 10th largest importer in the world.5 Mexico was the 10th largest exporter and the 13th largest importer.6
- Mexico is one of Canada’s top export destinations, as well as one of its top sources for imports.5 And Canada is one of Mexico’s top export destinations.6
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Currency Name: Mexican Peso
Currency Code: MXN
Currency Symbol: $, Mex$
Central Bank: Bank of Mexico
Countries Used In: Mexico
Major Unit: One Peso
Minor Unit: One Centavo
Note Denominations: $20, $50, $100, $200, $500, $1000
Coin Denominations: 5¢, 10¢, 20¢, 50¢. $1, $2, $5, $10, $20
MXN to CAD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the MXN to AUD exchange rate today.