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Canada – Forex Guides, Reviews & News

Welcome to BER Canada. Here we look at all things related to the Canadian dollar including daily market updates keep our customers aware of the latest CAD dollar exchange rates, charts and rate changes in the major loonie cross currency pairs.

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Foreign Transfer Providers
Ratings & Reviews
Receive USD($)Exchange RateFee CADTotal CostTransfer ServicesTransfer SpeedDeal Links
OFX logo
7,367 USD
Best Overall
0.73670^1.46%Bank Transfers - Online & Phone, Foreign Currency Accounts1-2 days
HSBC logo
7,212.17 USD
155 USD
0.7223$153.53%Online, Branch, Bank Transfers2-3 days
Coast Capital Savings International Money Transfers
Coast Capital Savings logo
7,157.7 USD
209 USD
0.723$1004.26%Online, Branch, Bank Transfers2-3 days
Scotiabank logo
7,150.77 USD
216 USD
0.7223$1004.35%Online, Branch, Bank Transfers2-3 days
Banks - Average Rate
Coast Capital Savings logo Scotiabank logo Royal Bank of Canada logo HSBC logo TD Canada Trust logo
7,144 USD
223 USD
0.7203154.45%Online, Branch, Bank Transfers2-3 days
TD Canada Trust logo
7,120.08 USD
247 USD
0.7192$1004.76%Online, Branch, Bank Transfers2-3 days
Royal Bank of Canada logo
7,077.51 USD
289 USD
0.7149$1005.33%Online, Branch, Bank Transfers2-3 days
OFX: Foreign Transfer CAD→USD
CAD amount:$10,000 CAD
Fee:0^ - No fees for BestExchangeRates users (normally $15 for smaller transfers)
Exchange Rate:0.7367 (1.46% from mid-rate)
USD amount:7,367 USD
Total Cost:1.46%
Rate Fetched: Thu Apr 18 2019 22:04:36 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
: 4.8/5.0


HSBC: Foreign Transfer CAD→USD
CAD amount:$10,000 CAD
Fee:$15 CAD (.15%)
Exchange Rate:0.7223 (3.38% from mid-rate)
USD amount:7,212.17 USD
Total Cost:3.53%
155 USD less than using OFX
Time:0:02 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
: /5.0

Coast Capital Savings logoCoast Capital Savings

Coast Capital Savings: Foreign Transfer CAD→USD
CAD amount:$10,000 CAD
Fee:$100 CAD (1%)
Exchange Rate:0.7230 (3.29% from mid-rate)
USD amount:7,157.7 USD
Total Cost:4.26%
209 USD less than using OFX
Time:0:02 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
: /5.0

Scotiabank logoScotiabank

Scotiabank: Foreign Transfer CAD→USD
CAD amount:$10,000 CAD
Fee:$100 CAD (1%)
Exchange Rate:0.7223 (3.38% from mid-rate)
USD amount:7,150.77 USD
Total Cost:4.35%
216 USD less than using OFX
Time:0:02 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
: /5.0

Banks - Average Rate

Foreign Transfer CAD→USD
CAD amount:$10,000 CAD
Exchange Rate:0.7102 (5% from mid-rate)
USD amount:7,144 USD
Total Cost:4.45%
223 USD less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers

TD Canada Trust logoTD Canada Trust

TD Canada Trust: Foreign Transfer CAD→USD
CAD amount:$10,000 CAD
Fee:$100 CAD (1%)
Exchange Rate:0.7192 (3.8% from mid-rate)
USD amount:7,120.08 USD
Total Cost:4.76%
247 USD less than using OFX
Time:0:02 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
: /5.0

Royal Bank of Canada logoRoyal Bank of Canada

Royal Bank of Canada: Foreign Transfer CAD→USD
CAD amount:$10,000 CAD
Fee:$100 CAD (1%)
Exchange Rate:0.7149 (4.37% from mid-rate)
USD amount:7,077.51 USD
Total Cost:5.33%
289 USD less than using OFX
Time:0:02 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
: 1/5.0
Example of savings sending $10K CAD to USD


Market Outlook for the Canadian dollar

CAD/USD – 3 month chart

A fantastic January that took the Canadian dollar away from long-term lows against the US dollar was followed by a steady February and then a weak first-half of March.

In the first week of March, traders reacted badly to news of Canada’s economy growing at a dismal quarterly rate of just 0.1 percent (the slowest rate of quarterly growth in 2 ½ years), and they sold the loonie to account for a lower probability of future interest rate hikes by Canada’s central bank.

Against the US dollar, the loonie recovered slightly in the second week of March and stabilised at levels near C$1.333 per USD, although another notable exchange rate at the time of writing, GBP/CAD, rose to an 8-month high (CAD low) of C$1.78.

Per researchers at CIBC and TD Securities, fair value in USD/CAD is currently C$1.4, indicating potential CAD depreciation worth 5 percent. A move to C$1.4 would take the loonie to its lowest level against its US cousin since early 2016.


Foreign Exchange News

SGD/MYR at 17-Month High; Ringgit Slumps on FTSE Index Deselection

What is arguably Southeast Asia’s most important exchange rate, Singapore dollar-Malaysian ringgit, leapt on Thursday to its highest level since November 2017, driven by FTSE Russell’s decision to reconsider Malaysia’s inclusion in an important bond index.

Updated: 18 Apr, 2019

Commodities Boom Will Take Australian Dollar to US$0.74

The Australian dollar is forecast to climb to US$0.74 in the coming months, supported by a commodities boom that has seen the price of Australia’s largest export, iron ore, climb to a 5-year high.

Updated: 15 Apr, 2019

Brexit This Year Now a Toss-Up, Bookmakers Say; What Next for Pound?

GBP Pound Sterling Brexit Deal on Financial Services

With the chance of a 2019 Brexit now reduced to 50 percent, the pound’s value is likely to remain capped for the time being, most likely near US$1.34, experts say. On the downside, US$1.24 is likely should the latest Article 50 extension be used to hold a UK general election.

Updated: 14 Apr, 2019

Euro to Sink to US$1.08, Says ANZ

The euro hasn’t traded as low as US$1.08 since the early portion of 2017, but that’s where we’re heading within the next 3 months, analysts at ANZ believe.

Updated: 7 Apr, 2019


Market Outlook for the US dollar

USD/CAD – 3 month chart

In the third week of April the Dollar Index was rallying strongly towards the mid-97s, slightly below major resistance at 97.70, a break of which would be massively positive for the greenback. The index was up 1.7 percent year-to-date.

The dollar’s strength comes in spite of a dovish surprise in March from the Federal Reserve, which ditched two interest rate hikes from its 2019 projections. Fortunately for dollar holders, the rest of the world has problems and other important central banks also turned dovish, removing much of the incentive for selling USD.

Bloomberg research warned in April of potential for a large upcoming move in the US dollar, up or down. Over the past quarter-century, three prominent troughs in the JPMorgan Global FX Volatility Index were followed by dollar moves over 6-month periods worth 10-15 percent. The index was trading in mid-April at a 5-year low.

Compare CAD-USD Exchange Rates


Money Saving Guides

Best exchange rates sending money from Canada

The holy grail when you send money abroad is finding an organisation that you can trust and one that offers the best exchange rates along with transparent, smart and straightforward customer service.

Updated: 28 Feb, 2019

OFX & BestExchangeRates – Zero fee offer

OFX has partnered with BestExchangeRates to offer you fee free money transfers. If you register with OFX using the below BestExchangeRates FX partner deal promo code link you won’t pay the usual fees* for transfers. OFX – zero fee offer OFX is the new unified brand name for OzForex, USForex, UKForex, NZForex, and CanadianForex It […]

Updated: 23 Nov, 2018

Protect your International Currency Risk

Protect your International Currency Transfer from Events like Brexit, Grexit and ‘Black Mondays’ with Risk Management Strategies Just as financial markets began to recover from months of ‘Grexit’ fears and investors started focusing on rate hike speculation again, there was another asset-shaking shift in the form of ‘Black Monday’. The state of China’s economy and […]

Updated: 21 May, 2018


Market Outlook for the British pound

GBP/CAD – 3 month chart

Update 14-April: The pound hovered between US$1.30 and US$1.31 (in line with 3-month averages) after the EU granted the UK a Brexit extension until the end of October. No-deal risk is gone for now and anything is possible, including a new British prime minister, a general election and/or second referendum.

Experts at MUFG said in April that sterling would likely trade between US$1.30 and US$1.34 until more clarity emerged.

If an election is called, the pound could depreciate to US$1.24, a UBS analyst said, due to “heightened uncertainty” (the opposition Labour party is consistently ahead in the polls).

Goldman Sachs said in April that sterling was set for a “big finish” (higher) once the gridlock in the UK parliament ends and a deal is agreed and certainty found.

Earlier this year, currency analysts at HSBC estimated that the pound would be valued at levels near US$1.10 in the event of no-deal, near US$1.45 with a deal and at US$1.55 if Brexit is cancelled.

Compare CAD-GBP Exchange Rates


Foreign Exchange Provider Reviews

TransferWise Borderless Account – BER Review

TransferWise’s Borderless Account allows users to hold and convert funds in 40 different currencies and send and spend internationally, all at the “real” exchange rate and with exceptionally low service fees. Users can also receive major-currency payments free of charge.

Updated: 7 Apr, 2019

TransferWise – BER Review

TransferWise has been making waves in the global payments market since it came on the scene back in 2011 and is undoubtedly one of the best services for sending money across borders.

Updated: 7 Apr, 2019

OFX Money Transfers – BER Review

BER reviews OFX – their exchange rates, service and ease of use and user reviews.

Updated: 25 Mar, 2019

Market Outlook for the Euro

EUR/CAD – 3 month chart

Against the dollar, the euro remains weak. At $1.12 in early April, the euro was barely above March’s 21-month low of $1.118. Against the pound, it traded at £0.86 (a level it never sank to in 2018), but it fared better against the Australian dollar, with EUR/AUD rates in line with 2018’s average, at A$1.578.

Euro weakness has been driven by Brexit uncertainties and has followed March’s meeting of the ECB, at which the central bank said it will not raise interest rates until 2020 as part of an effort to lift the eurozone economy out of this “period of continued [economic] weakness.”

Forecasts: ING analysts wrote in March that they expect the low-yielding euro to continue to depreciate against USD over the coming months; ANZ said it saw rates falling as low as $1.08 by mid-year; Danske Bank said the euro would trade between $1.12 and 1.16 at year-end.

For EUR/GBP, Nordea Research thinks a no-deal Brexit will put £0.95 in play, a Norway-type Brexit (“Norway plus”) or permanent customs union will lead to £0.81-0.83, and Theresa May’s deal should see £0.83-0.84.

Compare CAD-EUR Exchange Rates


Fintech FX News

TransferWise Announces PayNow Funding Option

TransferWise is now officially offering PayNow as a funding option for users in Singapore, the company has announced.

Updated: 29 Mar, 2019

Banking Sector Fights Back Against Fintech Rivals

Citigroup’s announcement this week of plans to develop its own consumer-payments platform is the latest indication of a fightback by the banking establishment against fintech rivals that threaten its most lucrative markets.

Posted: 27 Mar, 2019

Revolut Steps Up Brexit Preparations

Revolut CEO Nikolay Storonsky

Fintech hotshot Revolut has written to millions of its customers to warn that new verification documents will be needed in the event of a no-deal Brexit; it has also called on the UK government to get serious about post-Brexit tech visas.

Updated: 25 Mar, 2019

WorldFirst Owners Target European Expansion

Ant Financial, the Chinese fintech giant that recently acquired WorldFirst, has set its sights on Europe, where it plans to take its share of both cross-border and point-of-sale payments.

Updated: 25 Mar, 2019


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