Macroeconomics 12th Edition by Michael Parkin

Exercise 2

Use the following data to work Problem. The U.S. dollar exchange rate increased from $0.96 Canadian in June 2011 to $1.03 Canadian in June 2012, and it decreased from 81 Japanese yen in June 2011 to 78 yen in June 2012.
What was the value of the Canadian dollar in terms of U.S. dollars in June 2011 and June 2012 Did the Canadian dollar appreciate or depreciate against the U.S. dollar over the year June 2011 to June 2012