The Canadian dollar has depreciated by 10.69%. The depreciation or appreciation of a currency is calculated based on the percentage change in its exchange rate. In this case, the exchange rate of USD/CAD has increased from 1.17 to 1.31. This means that now you need more Canadian dollars to buy one US dollar, indicating that the value of the Canadian dollar has decreased relative to the US dollar. The percentage change in the CAD quote is calculated as follows:

This negative value signifies a depreciation of the Canadian dollar by 10.69%.

Choice A is incorrect. The Canadian dollar has not appreciated by 11.97%. In fact, the increase in the exchange rate from 1.17 to 1.31 indicates that it now takes more Canadian dollars to buy one US dollar, which means the Canadian dollar has depreciated, not appreciated.

Choice B is incorrect. The US dollar has not depreciated by 11.97%. On the contrary, as explained above, an increase in the exchange rate signifies that it now takes more of the foreign currency (in this case CAD) to buy one unit of USD which implies that USD has actually appreciated.

Choice C is incorrect. The US dollar has not appreciated by 10.69%. While it's true that an increase in exchange rate indicates appreciation of USD against CAD, but this specific percentage change calculation does not match with given numbers and hence is inaccurate.