Canada had a flexible exchange rate from 1933 to 1939, 1950 to 1962, and has maintained one

Question:

Canada had a flexible from 1933 to 1939, 1950 to 1962, and has maintained one since 1970. A flexible regime insulates the domestic economy from external shocks and permits the operation of an independent national monetary policy. Canada’s experience led to a better understanding of the impact of monetary and fiscal policies in an open economy with a high degree of capital mobility and provided evidence to support the case for a flexible rate as a viable alternative to a fixed Explain the difference between the flexible policy that Canada pioneered and a fixed policy.
b. Explain the advantages of a flexible policy over a fixed policy.
c. If a fixed does not influence competitiveness in the long run, why might a country adopt this policy? Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...