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.
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BestExchangeRates.com keeps you up-to-date on Canadian dollar forecasts by collating the views of reliable FX forecasters and economists together with recent 90-day CAD price data. 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.
The Canadian Dollar (CAD) has experienced a weakening trend recently, attributed to cooler-than-expected inflation figures for January which prompted speculation of potential rate cuts by the Bank of Canada (BoC). The CAD fell notably following the release of data showing a decrease in headline inflation from 3.4% to 2.9%, below the forecasted 3.3%. Furthermore, CAD's performance is expected to be influenced by its ties to oil prices, despite a weakening correlation between the two. Should global growth improve due to looser monetary policies, demand for oil might rise, potentially bolstering the Canadian Dollar.
Taking into account recent forecasts and updates from market analysts, it is suggested that interest rate cuts by the BoC could exert downward pressure on CAD exchange rates. CIBC Capital Markets has revised their year-end USD/CAD forecast for 2024 to 1.31, indicating an anticipated strength of the US Dollar against the Canadian Dollar next year. However, sentiments are optimistic for the Canadian Dollar in 2025, with expectations of a weaker USD against other major currencies. Moreover, concerns regarding potential labor market weaknesses towards the end of the year leading to further BoC rate cuts could push the USD/CAD rate to 1.39. Despite these challenges, a softer US Dollar in the following year could bode well for the Canadian Dollar.
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.
Looking for a way to make your next trip more affordable? Check out our Country Guides to the best deals for your international foreign transfers and travel money. These articles will give you travel tips and offer advice for your next trip abroad.
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