Canada - Canadian Dollar - Currency Guide

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.

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

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

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

U$1,000 U.S. dollar USD → Canadian dollar CAD

Provider Review	Amount CAD(C$)	Exchange Rate	Fee USD	Deal Links
TransferWise > Best Overall	C$1,328.08 1.99%	1.3483	U$15.00	Visit Site
U.S. Bank	C$1,268.4 6.4% C$60 less	1.2684	0
Banks - Average Rate	C$1,256 7.33% C$72 less	1.2684	15
Wells Fargo Bank	C$1,243.03 8.27% C$85 less	1.2684	U$20
Travelex Online	C$1,205.6 11.03%	1.2056	0^	Visit Site

TransferWise

 

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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:	4 Reviews

Visit TransferWise

U.S. Bank

 

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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

 

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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

 

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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:	1.2684 (-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

 

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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:	1.2056 (-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:	13 Reviews

Visit Travelex Online

 

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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

Send U$1,000 U.S. dollar USD → Canadian dollar CAD

Provider Review	Receive CAD(C$)	Exchange Rate	Fee USD	Deal Links
XE > Best Overall	C$1,334.8 1.5%	1.3348	0	Visit Site
OFX	C$1,344.3 0.8%	1.3443	0^	Visit Site
HSBC	C$1,296.85 4.3% C$38 less	1.2988	U$1.50	Compare HSBC Rates
U.S. Bank	C$1,293.5 4.55% C$41 less	1.2935	0	Compare U.S. Bank Rates
Wells Fargo Bank	C$1,274.2 5.97% C$61 less	1.3002	U$20	Compare Wells Fargo Bank Rates
Bank of America	C$1,274.1 5.98% C$61 less	1.2935	U$15	Compare Bank of America Rates
Banks - Average Rate	C$1,285 5.2% C$50 less	1.2965	15

XE

 

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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:	1 Review

Compare XE Rates

Visit XE

OFX

 

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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:	1.3443 (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:	20 Reviews

Compare OFX Rates

Visit OFX

HSBC

 

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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

 

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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

 

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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

 

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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

 

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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:

 

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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!