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Canada - Canadian Dollar - Currency Guide

 

Foreign exchange guide to Canada and the Canadian Dollar (CAD)

   

General Currency Info - Canadian Dollar

Representing a little more than 5% of the foreign exchange market daily turnover, the Canadian dollar (ISO: CAD) is the world’s sixth most traded currency.

Frequently called the ‘loonie’ by foreign exchange traders due to the image of a loon (an aquatic bird) on Canada’s one-dollar coin, the currency’s value is heavily influenced by commodities prices, particularly oil. For this reason, the Canadian dollar is often labelled a ‘petro-currency’. Canada currently has the world’s third largest oil reserves and is the world’s fourth largest oil exporter.

Canadians are mostly concerned with the value of their currency against the US dollar, since nearly 80% of Canadian exports go south of the border. In the past two decades, the Canadian dollar lowest value against its US counterpart occurred in January 2002 when the CAD/USD exchange rate traded at just 0.6178. The currency’s two-decade high occurred in November 2007 (following a boom in the oil price) when CAD/USD reached 1.1041.

   

CAD News, Forecasts and Trends

Growing fears of the coronavirus outbreak has moved the market into safer currencies such as the USD and away from AUD, NZD and CAD.

The threat of proxy war between the US and Iran in Iraq also pared back some of the gains the Loonie had made coming into the New Year.

The Canadian dollar was range bound during the second half of 2019 oscillating between US75c and US76.5c. Mid-year the loonie stormed ahead in June and July, rising to what turned out to be the 2019 high against the US dollar of US76.7cents and to 8-month highs against the euro, pound, Australian and New Zealand dollars. Against the Aussie, a minimal additional increase would take CAD to a 9-year high.

Supporting the loonie was a 10 percent rise in the oil price (oil is among Canada’s most exported products but is volatile and can’t be relied upon), a large and welcome jump in inflation, and dovishness at major central banks of the world, including the Federal Reserve, ECB and RBA.

The USMCA was signed by the United States, Mexico and Canadian on November 30 at the G20 Summit in Buenos Aires. Any delay to Canadian ratification of the USMCA trade deal would have likely depressed sentiment on Canada’s currency.

For more CAD currency market forecasts you can read the full article Canadian Dollar Forecasts. The below interactive chart shows the USD to CAD exchange rate, trend and recent alerts for the last 90 days.

   
Recent USD to CAD 90-day trend
 
ALERTS:7-DAY2.1% | 60-DAY LOWS |
USD/CAD at 1.3487 was trading 2.9% below AVG:1.3893 with LO:1.3227 and HI:1.4512 (90 days). ALERTS: USD/CAD was DOWN 2.1% this 7-DAY period and also dropped to 60-DAY LOWS.

US Dollar to Canadian Dollar - Historical Rates

USD/CADPeriod to 03-JunDateRate
1.9% ▼1 Week27 May 20201.3756
4.2% ▼30 Days04 May 20201.4086
0.8% ▲90 Days05 Mar 20201.3392
0.8% ▲1 Year04 Jun 20191.3393
8.4% ▲5 Years05 Jun 20151.2446
28.3% ▲10 Years06 Jun 20101.0522
USD/CAD 10 year rates & changes to 03-Jun-2020 (1.3497)

US Dollar to Canadian Dollar - Quick Conversions

USD CAD
U$ 1 C$ 1.3489
U$ 5 C$ 6.7445
U$ 10 C$ 13.49
U$ 20 C$ 26.98
U$ 50 C$ 67.45
U$ 100 C$ 134.89
U$ 250 C$ 337.23
U$ 500 C$ 674.45
U$ 1,000 C$ 1,349
U$ 2,000 C$ 2,698
U$ 5,000 C$ 6,745
U$ 10,000 C$ 13,489
U$ 50,000 C$ 67,445
U$ 100,000 C$ 134,890
More amounts
USD CAD
U$ 0.7414 C$ 1
U$ 3.7070 C$ 5
U$ 7.4140 C$ 10
U$ 14.83 C$ 20
U$ 37.07 C$ 50
U$ 74.14 C$ 100
U$ 185.35 C$ 250
U$ 370.70 C$ 500
U$ 741.40 C$ 1,000
U$ 1,483 C$ 2,000
U$ 3,707 C$ 5,000
U$ 7,414 C$ 10,000
U$ 37,070 C$ 50,000
U$ 74,140 C$ 100,000
More amounts

Frequently Asked Questions

 

What currency should I use in Canada?

The domestic currency in Canada is the Canadian Dollar.

What is the Canadian Dollar currency code and symbol?

The three letter currency code for the Canadian Dollar is CAD — symbol is C$.

Which countries use the Canadian Dollar?

It is the domestic currency in    Canada.

Is the Canadian Dollar a closed currency?

No, the Canadian Dollar is freely available and convertible. See guide: What is a closed currency?

 

Travel, Currency and Money saving tips for Canada

Accessing ATMs and banks is not a problem in Canada with any major credit card.

Getting around by train is a popular way of travel in Canada as it is a big place. Booking a sleeper car can be comfortable for long distance overnight stretches. VIA Rail Canrailpass gives you 12 days of unlimited rail travel in Canada during a 30-day period, check VIA Rail's website for current prices. Bus travel in Canada is an economic and comfortable way to travel, Canada's system of intercity bus routes spans the entire country. Some cities also offer flexible transit passes so you can have unlimited all-day, multi-day, or monthly travel.

 

Travel money for Canada

Save money and time by Ordering your Canadian Dollars online from Travelex, you get better rates and can pick up the CAD cash locally or even on travel day at the airport.

Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.

For card purchases if offered a choice of currencies always select to Pay in Canadian Dollars otherwise you may get much worst exchange rates.

 
 

USD to CAD - Travel Money & Cards

Provider Amount CAD(C$) Exchange RateFee USDDeal Links
C$1,336.58
1%
Best Overall
1.3433U$5.00
U.S. Bank Foreign Cash
U.S. Bank logo
C$1,263.8
6.39%
C$73 less
1.26380
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
C$1,251
7.33%
C$86 less
1.263815
Wells Fargo Bank logo
C$1,238.52
8.26%
C$98 less
1.2638U$20
Travelex Online logo
C$1,201.1
11.04%
C$135 less
1.20110^
 
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TransferWise: Travel Money USD→CAD
From Amount (USD)U$1,000
Fee:U$5.00 USD (0.5% + U$1)
Exchange Rate:1.3433 (-0.5% from mid-rate)
To Amount (CAD) C$1,336.58
Total Cost:1%
Time:17:29 Local
Currency Services:Multi-currency debit card with linked foreign bank accounts
Delivery/Collect:5-7 days
Rating:
 
: 4.6/5.0
Reviews:
 
U.S. Bank logo
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U.S. Bank: Travel Money USD→CAD
From Amount (USD)U$1,000
Fee:0
Exchange Rate:1.2638 (-6.39% from mid-rate)
To Amount (CAD) C$1,263.8
Total Cost:6.39%
Time:17:29 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 
Banks - Average Rate
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Travel Money USD→CAD
From Amount (USD)U$1,000
Fee:15
Exchange Rate:1.1813 (-12.5% from mid-rate)
To Amount (CAD) C$1,251
Total Cost:7.33%
Currency Services:Branch
Delivery/Collect:-
 
Wells Fargo Bank logo
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Wells Fargo Bank: Travel Money USD→CAD
From Amount (USD)U$1,000
Fee:U$20 USD (Minimum fee)
Exchange Rate:1.2638 (-6.39% from mid-rate)
To Amount (CAD) C$1,238.52
Total Cost:8.26%
Time:17:29 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 
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Travelex Online: Travel Money USD→CAD
From Amount (USD)U$1,000
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:1.2011 (-11.04% from mid-rate)
To Amount (CAD) C$1,201.1
Total Cost:11.04%
Time:
Rate Fetched: Thu Jun 04 2020 17:15:03 GMT+0000 (UTC)
Currency Services:FREE Home delivery & Branch pickup
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
 
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Snapshot 06/04/2020 - View live rates

Sending money to Canada

When searching around for information on how to get a good exchange rate when sending money to Canada you need to start with finding out the latest Canadian Dollar foreign-transfer exchange rate.

Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).


Get a better deal for foreign transfers to Canada

When sending money to Canada it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :

  1. Open an account with a BER reviewed FX provider (id docs may be required)
  2. You specify the local or Canadian Dollar amount you want to transfer
  3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
  4. Once your funds are received by the provider the converted CAD amount will be transfered to the recipient account you specify in Canada.

Use our Send to Canadian Dollars calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Canadian Dollars deposited into the recipient bank account and less margins and fees kept by the banks!

 

USD to CAD International Money Transfers

Foreign Transfer Provider Receive CAD(C$) Exchange RateFee USDDeal Links
XE logo
C$1,329.8
1.5%
Best Overall
1.32980
OFX logo
C$1,339.3
0.8%
C$9.5 more
1.33930^
HSBC logo
C$1,299.65
3.74%
C$30 less
1.3016U$1.50
U.S. Bank International Money Transfers
U.S. Bank logo
C$1,296.3
3.98%
C$33 less
1.29630
Bank of America International Money Transfers
Bank of America logo
C$1,276.86
5.42%
C$53 less
1.2963U$15
Wells Fargo Bank logo
C$1,276.84
5.43%
C$53 less
1.3029U$20
Banks - Average Rate
U.S. Bank logo Bank of America logo HSBC logo Wells Fargo Bank logo
C$1,287
4.64%
C$43 less
1.299315
 
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XE: Foreign Transfer USD→CAD
From Amount (USD)U$1,000
Fee:
Exchange Rate:1.3298 (1.5% from mid-rate)
To Amount (CAD) C$1,329.8
Total Cost:1.5%
Time:17:29 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 3.5/5.0
Reviews:
 
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OFX: Foreign Transfer USD→CAD
From Amount (USD)U$1,000
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:1.3393 (0.8% from mid-rate)
To Amount (CAD) C$1,339.3
Total Cost:0.8%
Difference:
C$9.5 CAD more than using XE
Time:
Rate Fetched: 17:29 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 
HSBC logo
loading
HSBC: Foreign Transfer USD→CAD
From Amount (USD)U$1,000
Fee:U$1.50 USD (.15%)
Exchange Rate:1.3016 (3.59% from mid-rate)
To Amount (CAD) C$1,299.65
Total Cost:3.74%
Difference:
C$30 CAD less than using XE
Time:17:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
U.S. Bank logo
loading
U.S. Bank: Foreign Transfer USD→CAD
From Amount (USD)U$1,000
Fee:0
Exchange Rate:1.2963 (3.98% from mid-rate)
To Amount (CAD) C$1,296.3
Total Cost:3.98%
Difference:
C$33 CAD less than using XE
Time:17:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Bank of America logo
loading
Bank of America: Foreign Transfer USD→CAD
From Amount (USD)U$1,000
Fee:U$15 USD (Minimum fee)
Exchange Rate:1.2963 (3.98% from mid-rate)
To Amount (CAD) C$1,276.86
Total Cost:5.42%
Difference:
C$53 CAD less than using XE
Time:17:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Wells Fargo Bank logo
loading
Wells Fargo Bank: Foreign Transfer USD→CAD
From Amount (USD)U$1,000
Fee:U$20 USD (Minimum fee)
Exchange Rate:1.3029 (3.5% from mid-rate)
To Amount (CAD) C$1,276.84
Total Cost:5.43%
Difference:
C$53 CAD less than using XE
Time:17:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Banks - Average Rate
loading
Foreign Transfer USD→CAD
From Amount (USD)U$1,000
Fee:15
Exchange Rate:1.2936 (4.18% from mid-rate)
To Amount (CAD) C$1,287
Total Cost:4.64%
Difference:
C$43 CAD less than using XE
Transfer Speed:
Services:
 
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Snapshot 06/04/2020 - View live rates

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