This is a foreign exchange guide to Canada, Canadian dollar currency news plus CAD transfers and travel tips.
In this guide we review :
- Canadian dollar info - general info about the Canadian dollar
- Canadian dollar in the markets - recent CAD moves and predictions from the FX markets
- Travelling in Canada - currency & money saving tips
- Buying Canadian dollar cash online - travel money for Canada
- Sending money to Canada - save on Canadian dollar bank transfers to Canada
- Canadian dollar exchange rates - latest & historic exchange rates.
Canadian dollar (CAD) general currency information
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.
What is the Canadian dollar currency code and symbol?
The three letter currency code for the Canadian dollar is CAD and the symbol is $.
Which countries use the Canadian dollar?
It is the domestic currency in Canada.
Canadian dollar (CAD) in the markets
The Canadian dollar was the worst performing G10 currency in the first quarter of 2018 but in the first two months of the second quarter, it bettered all but the US dollar.
In April and May, against USD, CAD weakened marginally to $0.77 from $0.776; but CAD gained handsomely against the euro (and several other currencies), climbing to €0.662 from €0.629 (it had been only €0.619 in mid-March).
In March, TD Securities described CAD as “really expensive…from a global macro level and also from the local level of trade risk.” With the currency’s broad appreciation in the second quarter, presumably, as of writing, it is even more overvalued.
Being a growth-sensitive currency, CAD’s outlook is closely tied to that of global growth, and this is being threatened in 2018 by the trade policies of the US. The powers that be in the world’s largest economy have so far threatened China with massive tariffs and have imposed tariffs on steel and aluminium products sourced globally (Canada may or may not be excluded from this policy, depending on how much ground it gives during NAFTA negotiations – see below). Then, after a month or so of calm, trade tensions resurfaced in May after Washington announced it would be scrutinizing automobile imports.
Vital to CAD’s outlook is NAFTA. The market consensus remains for an 8-10% drop in CAD's value should NAFTA negotiations with the US and Mexico fail.
Supporting CAD in 2018 has been oil, which has climbed to long-term highs.
The interactive chart below shows the CAD to USD exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.
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 dollar 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 dollar otherwise you may get much worst exchange rates.
Travel Money Exchange Rates Compared
Buying CAD Cash with USD 1,000
Rate timestamp : Wed Jul 18 2018 00:00:04 GMT+0000 (UTC)
Canada Trip Checklist
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 :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Canadian dollar amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- 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 CAD 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 dollar deposited into the recipient bank account and less margins and fees kept by the banks!
Sending a LARGER international money transfer? Request a Free Multi-Vendor Quote
Compare Foreign Transfers
Sending USD 10,000 to CAD
Rate timestamp : Wed Jul 18 2018 00:03:22 GMT+0000 (UTC)