This is the current CAD-AUD mid-market exchange rate. The Total Cost of buying foreign currency in the above table is calculated as the sum of all fees and the exchange rate margin, which is the difference between the provider's exchange rate and the mid-market CAD-AUD exchange rate.
Whenever you are researching a particular exchange rate you are actually interested in two currencies as the value of a currency must always be quoted relative to a second currency.
So it follows that if you are determining the best time to transact, in this case the CAD vs AUD, you should pay attention to both Canadian Dollar and Australian Dollar news and forecasts.
In the March-April period (to April-20), the Canadian dollar traded mostly sideways relative to USD, between C$1.33 and C$1.34; it was stable against EUR, at C$1.50, but against AUD it neared 15-week lows, at C$0.957.
Unlike other oil-sensitive currencies, the Canadian dollar has failed to take advantage of a thriving oil market, with the market’s attention instead turned towards the global economic slowdown and the Canadian housing market, which, according to the IMF, is now as risky as it was during the 2007-08 financial crisis.
Forecasters at RBC expect further sideways price action until mid-year, after which the loonie probably weakens modestly towards C$1.36 to the USD by year-end.
CIBC is also predicting C$1.36 per USD in December, and sees further weakness to C$1.40 sometime in 2020 — C$1.40 is an exchange rate last seen in February 2016.
April 25: The Aussie dollar was in the trenches on Anzac day after a disappointing inflation figure saw the Australian dollar plunge 1 per cent. The headline inflation was below estimates for a 0.2 per cent rise and unchanged from the previous quarter. This has prompted predictions the Reserve Bank of Australia could cut rates at its next meeting in May, in the middle of an election campaign. This is causing headwinds for the Aussie.
Prior to this inflation induced drop, improved risk appetite, thriving commodities markets and better data from China helped lift the Australian dollar through March and into the second half of April. Against the US dollar, the Aussie was quoted at US$0.715 on April-22.
In March, both Westpac and JP Morgan predicted an Aussie slide to US$0.68 in the second half of the year. Those banks were at least more optimistic than HSBC, which argued in April for US$0.66 based on housing market weakness, high debt-to-GDP levels and continued strength in the US dollar.
Bearishness wasn’t unanimous, though, with NAB forecasting Aussie appreciation at least until mid-year; it predicted US$0.74 by the end of June.
The RBA will be happy with a weaker currency, HSBC said. The central bank has recently shifted to a dovish bias (what should be an across-the-board negative for AUD), saying lower Australian interest rates will “likely be appropriate” if inflation doesn’t pick up.
Sorry, our travel money calculators are currently only available for comparing exchange rates rates for buying foreign cash and travel money in Australia, Canada, France, Germany, Netherlands, New Zealand, United Kingdom and the USA.