Compare FX & Save - Best Exchange Rates Canada
How BestExchangeRates Saves Canadians Money on FX
For over a decade BestExchangeRates.com has been a trusted voice in foreign exchange in Canada and globally.
BestExchangeRates compares exchange rates from popular banks and currency specialists to help you avoid hidden and excessive margins and fees when you send and spend abroad.
We help our users save money by making these fees and exchange rates transparent and easier to compare. With our foreign transfer and currency exchange tools, you can quickly find the cheapest and most convenient way to convert your money.
More than 3 million satisfied visitors have saved over $200M on foreign exchange.
We partner with only the largest, safest and most trusted foreign exchange brands.
Track CAD rates – transact when market in your favour. Follow FX forecasts & analysis.
Any marketing fees we receive from partners do not affect your exchange rate savings.
Popular CAD Exchange Rates
Follow exchange rates via your personal BER Tracker Tracker to keep track of trending currency pairs so that you can take advantage of opportunities and trends in the market.
Save on International Money Transfers
Sending money abroad can be an expensive business, more so if you aren’t even aware of all the hidden fees. Money transfer companies and banks profit by charging you fees and a normally hidden margin on the exchange rate.
Using your Bank to make international wire transfers can be very expensive – often 5% to 6% worse than using a foreign exchange specialist to send money abroad or pay a foreign invoice.
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We compare exchange rates from major financial institutions in Canada.
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Get Better Currency Exchange Rates
We show you how to save by ordering foreign cash online or compare rates on multi-currency travel cards for better currency exchange rates, convenience and security for your next trip or overseas online purchase.
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Canadian dollar market update
The Canadian dollar (CAD) experienced downward pressure recently, primarily driven by falling oil prices, which are critical to Canada's economy. As a commodity-linked currency, the CAD tends to react sensitively to fluctuations in energy prices. Currently, the oil market is facing challenges, with OIL to USD trading at seven-day lows near 79.35, though still significantly above its three-month average of 74.68. Analysts suggest that the 6.3% increase over the three-month period reflects an oversupply situation contributing to the volatility, with the crude market having traded within a 15.7% range. In light of this, FX experts warn that continued declines in oil prices could further undermine the “loonie,” especially in the absence of notable Canadian economic data to bolster its strength.
Market view indicates that the current exchange rate for CAD to USD at 0.6973 represents a 1.2% dip below its three-month average of 0.706, having fluctuated in a stable range between 0.6901 and 0.7227. Meanwhile, CAD to EUR at 0.6700 is hovering just below its three-month average, while CAD to GBP has recently hit seven-day lows around 0.5652, showing stronger performance at 1.0% above its three-month average of 0.5594. With the backdrop of potential tariff increases from a renewed Trump administration impacting trade relationships and commodity demand with Europe and China, CAD may grapple with additional headwinds. Economists emphasize the importance of keeping a close watch on oil prices, as persistent weakness could continue to exert significant influence on the Canadian dollar's trajectory in the near term.
BestExchangeRates.com keeps you up-to-date on Canadian dollar forecasts by collating the views of reliable FX forecasters and economists together with recent CAD price trends. This analysis covers a wide range of factors including economic indicators, geopolitical events, central bank policies, and technical analysis to provide a thorough and current outlook on currency trends.