Consider the following data drawn from The Economist. Recall that the Canadian exchange rate is the number of Canadian dollars needed to purchase one unit of some foreign currency.

a. Which currencies appreciated relative to the Canadian dollar from June 201 1 to June 201 2?

b. Which currencies depreciated relative to the Canadian dollar from June 201 1 to June 201 2?

c. Using the information provided in the table, can you tell whether the euro depreciated or appreciated against the U.S. dollar from June 201 1 to June 201 2? Explain.

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Currency Cdn Dollar Exchange Rate June 2012 June 2011 U.S. dollar 1.03 0.98 Japanese yen 0.013 0.012 British pound 1.58 1.61 Swedish krona 0.14 0.16 Euro 1.29 1.44