CAD to SEK Exchange Rate
Ah, Sweden: Home to the world’s first ice hotel, birthplace of IKEA, and a place where saltlakrits (salty licorice) is a popular ice cream flavour.
What influences the CAD/SEK exchange rate?
The SEK exchange rate could be affected by interest rate announcements made by Sveriges Riksbank, as well as commodity prices, due to Sweden’s export-oriented economy. And the Swedish economy’s performance is also influenced heavily by how well the E.U. economy performs. Therefore, the Swedish krona exchange rate may see some volatility based on how Brexit unfolds.
The CAD/SEK exchange rate could also depend, in part, on how Sweden tackles upcoming challenges, including increased competition from emerging markets, an aging population, and a declining education system.1
The loonie, or 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 Sweden enjoy a strong commercial relationship with significant trade flows, two-way investment levels, innovation, and science and technology cooperation.” – Embassy of Canada to Sweden3
- Sweden is a country of top priority for Canadian investors, thanks to its innovative SMEs and multi-national enterprises. The two countries are partners in innovation.3
- In 2015, Canada was ranked 10th in GDP, while Sweden ranked 22nd.4
- In 2015, Canada was the 11th largest exporter and 10th largest importer in the world.5 Sweden was the 33rd largest exporter and the 32nd largest importer.6
- Canada’s main exports include cars, crude petroleum, refined petroleum, and vehicle parts.5 Sweden’s top exports include packaged medicaments, cars, refined petroleum, telephones, and vehicle parts.6
Whether you’re planning on taking a trip to Sweden or sending money back home to friends and family, OFX can help you save on your international money transfers. If you need to make a payment to Sweden, use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalised service.
Currency Name: Swedish Krona
Currency Code: SEK
Currency Symbol: kr
Central Bank: Sveriges Riksbank
Countries Used In: Sweden
Major Unit: One Krona
Note Denominations: 20 kr, 50 kr, 100 kr, 200 kr, 500 kr, 1,000 kr
Coin Denominations: 1 kr, 2 kr, 5 kr, 10 kr
SEK to CAD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the SEK to CAD exchange rate today.