Understanding currency fluctuations is essential for travelers, investors, and businesses engaged in international trade. This comprehensive guide explores the Jamaican Dollar (JMD) to Canadian Dollar (CAD) exchange rate throughout 2024, offering detailed monthly insights, key trends, and actionable data to help you make informed financial decisions.
The Jamaican Dollar experienced notable appreciation against the Canadian Dollar in 2024. Overall, the JMD/CAD exchange rate increased by +7.76%, indicating a strengthening of the Jamaican Dollar over the year. This shift can influence everything from tourism economics to import/export balances between Jamaica and Canada.
Key Exchange Rate Highlights for 2024
- Highest Rate: 1 JMD = 0.009264 CAD on December 26, 2024
- Lowest Rate: 1 JMD = 0.008509 CAD on September 24, 2024
- Annual Average: 1 JMD = 0.008763 CAD
These figures reflect the dynamic nature of foreign exchange markets, influenced by macroeconomic factors such as interest rates, inflation, and trade performance in both countries.
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Monthly Breakdown of JMD to CAD Performance
January 2024: Steady Appreciation Begins
The year opened with the exchange rate at 0.008549 CAD, gradually rising to 0.008711 CAD by January 17. The average rate for the month was 0.008654 CAD, showing early signs of upward momentum.
Key Dates:
- Best Rate: January 17 – 1 JMD = 0.008711 CAD
- Worst Rate: January 1 – 1 JMD = 0.008549 CAD
This steady climb suggested growing confidence in the Jamaican economy at the start of the year.
February 2024: Volatility Amid Market Adjustments
February saw more fluctuation, with a low of 0.008577 CAD on February 15 and a peak of 0.008710 CAD at month-end. The average settled at 0.008637 CAD, slightly below January’s average.
Despite mid-month dips, the closing strength hinted at underlying resilience in the JMD.
March 2024: Strong Gains Take Hold
March marked a turning point. The rate surged from 0.008709 CAD to a high of 0.008860 CAD on March 22. The monthly average reached 0.008755 CAD, the highest since late 2023.
This upward trend was likely driven by improved tourism receipts and favorable regional trade data.
April 2024: Peak Performance
April delivered the year’s strongest early momentum, peaking at 0.008905 CAD on April 16—just shy of the 0.89 threshold. The average for the month was 0.008819 CAD, reflecting sustained demand for the Jamaican Dollar.
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May 2024: Consolidation Phase
After April’s peak, May saw a slight pullback. The rate ranged between 0.008711 CAD and 0.008805 CAD, averaging 0.008747 CAD. While lower than April, this stability indicated market consolidation rather than reversal.
June 2024: Recovery and Resilience
June rebounded with an average of 0.008805 CAD, nearly matching April’s level. The high of 0.008864 CAD on June 7 briefly surpassed April’s peak, signaling renewed strength.
However, late-month declines brought attention to potential external pressures affecting currency stability.
July 2024: Mixed Signals
July began strongly but ended with caution. After hitting 0.008859 CAD on July 30, the rate softened slightly. The monthly average was 0.008770 CAD, showing resilience despite global market uncertainties.
August 2024: Sharp Correction
August brought the year’s most significant downturn. The rate plunged to a low of 0.008564 CAD on August 29—the weakest point since early January. The average dropped to 0.008711 CAD, erasing much of the prior gains.
Economic analysts attributed this to temporary capital outflows and regional commodity price adjustments.
September 2024: Hitting the Annual Low
September confirmed August’s weakness, reaching the year’s lowest point: 0.008509 CAD on September 24. The average for the month was 0.008624 CAD, raising concerns about short-term depreciation risks.
However, this low may have created a floor for future recovery.
October 2024: Signs of Recovery
October marked a reversal, climbing from 0.008560 CAD to 0.008809 CAD by month-end—an increase of over 3%. The average improved to 0.008691 CAD, suggesting renewed investor interest.
November 2024: Bullish Momentum Returns
November accelerated the recovery, peaking at 0.008928 CAD on November 26—the highest level since mid-year. The monthly average jumped to 0.008824 CAD, confirming a strong bullish trend heading into year-end.
December 2024: Record High Achieved
December delivered historic performance. The exchange rate soared past previous records, reaching an all-time high of 0.009264 CAD on December 26—a remarkable +7.76% increase from January’s opening rate.
The monthly average climbed to 0.009119 CAD, making December the strongest month of the year by far.
Frequently Asked Questions (FAQs)
What was the average JMD to CAD exchange rate in 2024?
The average exchange rate for the year was 1 JMD = 0.008763 CAD.
What was the highest JMD to CAD rate in 2024?
The highest rate recorded was 1 JMD = 0.009264 CAD on December 26, 2024.
What was the lowest JMD to CAD rate in 2024?
The lowest point was 1 JMD = 0.008509 CAD on September 24, 2024.
How much did the Jamaican Dollar appreciate against the Canadian Dollar in 2024?
The JMD appreciated by +7.76% against the CAD over the course of the year.
When was the best time to convert Jamaican Dollars to Canadian Dollars in 2024?
The optimal time was late December, especially on December 26, when the rate reached its peak at 0.9264 CAD per JMD.
What factors contributed to the JMD's rise in late 2024?
Strong tourism inflows, improved balance of payments, and favorable monetary policy decisions supported the Jamaican Dollar’s appreciation toward year-end.
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Final Thoughts
The Jamaican Dollar’s journey in 2024 reflects a story of resilience and recovery. After hitting a low in September, strategic economic policies and robust external demand fueled a dramatic rebound, culminating in record highs by December.
For individuals and businesses dealing with JMD-CAD transactions, understanding these patterns helps optimize timing for transfers, investments, or travel budgets.
Whether you're planning future exchanges or analyzing economic trends, staying informed is key—and having access to accurate, real-time data makes all the difference.
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