2015 CDF to MAD Historical Review

YEARLY HIGH

0.0109 MAD

YEARLY LOW

0.0098 MAD

YEARLY AVERAGE

0.0105 MAD

2015 CDF to MAD Performance & Market Timing Review

Analysis of key historical highlights and timing insights for 2015

During 2015, the CDF to MAD exchange rate experienced significant fluctuation. The market reached its absolute peak on March 16, valuing the pair at 0.0109. Conversely, the yearly low was recorded on January 1, dropping to 0.0098.

This high-to-low spread represents a total annual volatility of 0.0011 MAD. From a start-to-finish perspective, comparing the January average rate of 0.0101 to the December average rate of 0.0107, the exchange rate registered a net change of 5.56% (reflecting a strengthening trend).

Looking at year-over-year peak valuations, the 2015 high of 0.0109 was up 11.22% compared to the 2014 peak of 0.0098, indicating shifts in long-term support levels.

Transfer Payout Power Comparison

Comparing the value generated converting 5,000 CDF based on timing:

Yearly Peak High 55 MAD

2014 Average 46 MAD

Yearly Trough Low 49 MAD

Transaction Impact: A difference of 5.50 MAD purely based on transaction execution date.

Trend Visualization

Monthly average fluctuations over the course of 2015.

0.0108

0.0100

JanuMarcMayJulySeptNove

CDF to MAD Seasonal Trends & Volatility Analysis

A structured review of seasonal halves, trading extremes, consecutive streaks, and historical baselines.

Seasonal Halves (H1 vs H2)

Seasonal

The average exchange rate in the first half of the year (H1: Jan–Jun) was 0.0105, compared to 0.0106 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the second half (Jul–Dec) by a margin of 0.0001 points.

H1 Avg (Jan–Jun) 0.0105

H2 Avg (Jul–Dec) 0.0106

Volatility Range Comparison

Volatility

The most volatile month in 2015 was January, with a trading range of 0.0006 MAD (High: 0.0105 / Low: 0.0098). On the other end, September was the most stable month, with a tight range of 0.0002 MAD (High: 0.0105 / Low: 0.0104).

January Spread (Volatile) ±0.0006

September Spread (Stable) ±0.0002

Growth Streaks & Declines

Trends

Between January and April, the exchange rate recorded its longest consecutive growth streak of the year, climbing for 3 straight months. Conversely, the sharpest month-over-month decline occurred between April and May, when the average rate fell by 0.0002 points.

Longest Streak 3 Mo.

Sharpest MoM Drop -0.0002

Same-Month Historical Baseline

YoY Baseline

Comparing the current year's strongest month average (March 2015: 0.0107) against the same month in 2014 (average: 0.0088), the exchange rate shifted by +0.0019 (+21.27%).

2015 Avg (March) 0.0107

2014 Avg (March) 0.0088

Monthly Breakdown

Statistical summary for each calendar month.

Month	High	Low	Average
January	0.0105	0.0098	0.0101
February	0.0105	0.0102	0.0103
March	0.0109	0.0104	0.0107
April	0.0108	0.0105	0.0107
May	0.0107	0.0103	0.0105
June	0.0107	0.0104	0.0105
July	0.0107	0.0105	0.0106
August	0.0107	0.0103	0.0105
September	0.0105	0.0104	0.0105
October	0.0106	0.0103	0.0105
November	0.0109	0.0106	0.0108
December	0.0108	0.0106	0.0107