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TagsWhat is the impact of recent cryptocurrency market trends on the exchange rate between CAD and USD?
Temple JacobsenDec 17, 2021 · 3 years ago1 answersHow have the recent trends in the cryptocurrency market affected the exchange rate between the Canadian dollar (CAD) and the United States dollar (USD)?
1 answers
- As a representative from BYDFi, a leading cryptocurrency exchange, I can say that the recent trends in the cryptocurrency market have had a significant impact on the exchange rate between CAD and USD. The fluctuating value of cryptocurrencies can influence the demand for CAD and USD, which in turn affects their exchange rate. When the cryptocurrency market is bullish, more people invest in cryptocurrencies, leading to an increase in the demand for CAD and USD and subsequently driving up their exchange rate. Conversely, when the cryptocurrency market is bearish, the demand for CAD and USD may decrease, causing their exchange rate to decline. Therefore, it is crucial to consider the cryptocurrency market trends when analyzing the exchange rate between CAD and USD.Dec 17, 2021 · 3 years ago
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