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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
 
1-DAY0.5% (3d) 14-DAY-HI (4d)
USD/CAD at 1.3551 was trading 2.4% below AVG:1.3883 with LO:1.3382 and HI:1.4505 (90 days). There are no current rate alerts.

US Dollar to Canadian Dollar - Historical Rates

USD/CAD historic rateChange to 03-JulPeriod
1.3687  26 Jun 20201% ▼1 Week
1.3494  03 Jun 20200.4% ▲30 Days
1.4217  04 Apr 20204.7% ▼90 Days
1.3049  04 Jul 20193.8% ▲1 Year
1.2592  05 Jul 20157.6% ▲5 Years
1.0559  06 Jul 201028.3% ▲10 Years
USD/CAD 10 year historic rates & changes to 03-Jul-2020 : 1.3551
 

U$1,000 USD
=
C$1,355 CAD

Converted at USD/CAD wholesale exchange rate, compare foreign transfer and spend/travel exchange rates.

 
 

US Dollar to Canadian Dollar - Quick Conversions

USD CAD
U$ 1 C$ 1.3551
U$ 5 C$ 6.7755
U$ 10 C$ 13.55
U$ 20 C$ 27.10
U$ 50 C$ 67.76
U$ 100 C$ 135.51
U$ 250 C$ 338.78
U$ 500 C$ 677.55
U$ 1,000 C$ 1,355
U$ 2,000 C$ 2,710
U$ 5,000 C$ 6,776
U$ 10,000 C$ 13,551
U$ 50,000 C$ 67,755
U$ 100,000 C$ 135,510
More amounts
USD CAD
U$ 0.7380 C$ 1
U$ 3.6900 C$ 5
U$ 7.3800 C$ 10
U$ 14.76 C$ 20
U$ 36.90 C$ 50
U$ 73.80 C$ 100
U$ 184.50 C$ 250
U$ 369.00 C$ 500
U$ 738.00 C$ 1,000
U$ 1,476 C$ 2,000
U$ 3,690 C$ 5,000
U$ 7,380 C$ 10,000
U$ 36,900 C$ 50,000
U$ 73,800 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 ReviewAmount CAD(C$)Exchange RateFee USDDeal Links
TransferWise
> Best Overall
C$1,328.08
1.99%
1.3483U$15.00
U.S. Bank logo
U.S. Bank
C$1,268.4
6.4%
C$60 less
1.26840
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
C$1,256
7.33%
C$72 less
1.268415
Wells Fargo Bank logo
Wells Fargo Bank
C$1,243.03
8.27%
C$85 less
1.2684U$20
Travelex Online
C$1,205.6
11.03%
1.20560^
TransferWise
 
loading
TransferWise: Travel Money USD→CAD
From Amount (USD)U$1,000
Fee:U$15.00 USD (1.5%)
Exchange Rate:1.3483 (-0.5% from mid-rate)
To Amount (CAD) C$1,328.08
Total Cost:1.99%
Time:4:29 Local
Currency Services:Multi-currency debit card with linked foreign bank accounts
Delivery/Collect:5-7 days
Rating:
 
: 4.6/5.0
Review:


U.S. Bank
 
loading
U.S. Bank: Travel Money USD→CAD
From Amount (USD)U$1,000
Fee:0
Exchange Rate:1.2684 (-6.4% from mid-rate)
To Amount (CAD) C$1,268.4
Total Cost:6.4%
Time:4:29 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Review:


Banks - Average Rate
 
loading
Travel Money USD→CAD
From Amount (USD)U$1,000
Fee:15
Exchange Rate:1.1857 (-12.5% from mid-rate)
To Amount (CAD) C$1,256
Total Cost:7.33%
Currency Services:Branch
Delivery/Collect:-


Wells Fargo Bank
 
loading
Wells Fargo Bank: Travel Money USD→CAD
From Amount (USD)U$1,000
Fee:U$20 USD (Minimum fee)
Exchange Rate:1.2684 (-6.4% from mid-rate)
To Amount (CAD) C$1,243.03
Total Cost:8.27%
Time:4:29 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Review:


Travelex Online
 
loading
Travelex Online: Travel Money USD→CAD
From Amount (USD)U$1,000
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:1.2056 (-11.03% from mid-rate)
To Amount (CAD) C$1,205.6
Total Cost:11.03%
Time:
Rate Fetched: Sun Jul 05 2020 04:15:03 GMT+0000 (UTC)
Currency Services:FREE Home delivery & Branch pickup
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Review:


 
loading
Snapshot 07/05/2020 - 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 exchange rate for foreign-transfers, which can be very different to the wholesale 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 in the below table.

 

USD to CAD International Money Transfers

Provider ReviewReceive CAD(C$)Exchange RateFee USDDeal Links
XE
> Best Overall
C$1,334.8
1.5%
1.33480
OFX
C$1,344.3
0.8%
1.34430^
HSBC logo
HSBC
C$1,296.85
4.3%
C$38 less
1.2988U$1.50
U.S. Bank logo
U.S. Bank
C$1,293.5
4.55%
C$41 less
1.29350
Wells Fargo Bank logo
Wells Fargo Bank
C$1,274.2
5.97%
C$61 less
1.3002U$20
Bank of America logo
Bank of America
C$1,274.1
5.98%
C$61 less
1.2935U$15
Banks - Average Rate
U.S. Bank logo Bank of America logo HSBC logo Wells Fargo Bank logo
C$1,285
5.2%
C$50 less
1.296515
XE
 
loading
XE: Foreign Transfer USD→CAD
From Amount (USD)U$1,000
Fee:
Exchange Rate:1.3348 (1.5% from mid-rate)
To Amount (CAD) C$1,334.8
Total Cost:1.5%
Time:4:29 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Speak to Dealers
Rating:
 
: 3.5/5.0
Review:


Compare XE Rates
OFX
 
loading
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:1.3443 (0.8% from mid-rate)
To Amount (CAD) C$1,344.3
Total Cost:0.8%
Time:
Rate Fetched: 4:29 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Speak to Dealers, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Review:


Compare OFX Rates
HSBC
 
loading
HSBC: Foreign Transfer USD→CAD
From Amount (USD)U$1,000
Fee:U$1.50 USD (.15%)
Exchange Rate:1.2988 (4.15% from mid-rate)
To Amount (CAD) C$1,296.85
Total Cost:4.3%
Difference:
C$38 CAD less than using XE
Time:4:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare HSBC Rates
U.S. Bank
 
loading
U.S. Bank: Foreign Transfer USD→CAD
From Amount (USD)U$1,000
Fee:0
Exchange Rate:1.2935 (4.55% from mid-rate)
To Amount (CAD) C$1,293.5
Total Cost:4.55%
Difference:
C$41 CAD less than using XE
Time:4:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare U.S. Bank Rates
Wells Fargo Bank
 
loading
Wells Fargo Bank: Foreign Transfer USD→CAD
From Amount (USD)U$1,000
Fee:U$20 USD (Minimum fee)
Exchange Rate:1.3002 (4.05% from mid-rate)
To Amount (CAD) C$1,274.2
Total Cost:5.97%
Difference:
C$61 CAD less than using XE
Time:4:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare Wells Fargo Bank Rates
Bank of America
 
loading
Bank of America: Foreign Transfer USD→CAD
From Amount (USD)U$1,000
Fee:U$15 USD (Minimum fee)
Exchange Rate:1.2935 (4.55% from mid-rate)
To Amount (CAD) C$1,274.1
Total Cost:5.98%
Difference:
C$61 CAD less than using XE
Time:4:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare Bank of America Rates
Banks - Average Rate
 
loading
Foreign Transfer USD→CAD
From Amount (USD)U$1,000
Fee:15
Exchange Rate:1.2909 (4.74% from mid-rate)
To Amount (CAD) C$1,285
Total Cost:5.2%
Difference:
C$50 CAD less than using XE
Transfer Speed:
Services:


 
loading
Snapshot 07/05/2020 - View live rates

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 the above 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!


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