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 February 2017 to February 2018?

b. Which currencies depreciated relative to the Canadian dollar from February 2017 to February 2018?

c. Using the information provided in the table, can you tell whether the euro depreciated or appreciated against the U.S. dollar from February 2017 to February 2018? Explain.

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Cdn Dollar Exchange Rate Currency February 2018 February 2017 U.S. dollar 1.25 1.31 Japanese yen 0.011 0.012 British pound 1.74 1.64 Swedish krona 0.16 0.15 Euro 1.54 1.41