Convert CAD to USD at Best Exchange Rates
There are three simple steps you need to take in order to get a good CAD-USD exchange rate:
- Know the latest CAD to USD market mid-rate shown above - this is your starting point!
- Compare your Bank's exchange rates to several licensed FX providers, remember to compare both the exchange rate margins as well as the various types of fees. We make that easy to do with our calculators for Foreign Transfers and Travel Money transactions.
- Review up-to-date Currency News and Forecasts for both the Canadian dollar and U.S. dollar currencies, if available.
1. Market CAD/USD mid-rate
Right now the CAD/USD market rate is and represents how many U.S. dollar you can get for one Canadian dollar.
Calculate equivalent currency amounts with this CAD to USD currency converter then select the transaction type to compare the best exchange rates available.
Currency Converter CAD to USD
Canadian dollar to U.S. dollar (CAD-USD) - 10 Year History
|20 Jun 2018||0.7523||Latest|
|13 Jun 2018||0.7707||1 Week||-2.39%|
|21 May 2018||0.7827||1 Month||-3.88%|
|22 Dec 2017||0.7856||6 Months||-4.24%|
|20 Jun 2017||0.7535||1 Year||-0.16%|
|20 Jun 2016||0.7801||2 Years||-3.56%|
|21 Jun 2013||0.9601||5 Years||-21.64%|
|22 Jun 2008||0.9842||10 Years||-23.56%|
The CAD/USD mid-rate is the rate you will see Quoted on Google or the News, nobody except the largest banks and businesses can get exchange rates close to this mid-rate. It is actually just the theoretical half-way point (hence mid-rate) between the last rate at which the CAD / USD was traded (bought or sold) in the international markets.
The closer your final exchange rate is to the market / midrate the better deal you are getting.
2. Transaction Costs - Margins and Fees for CAD/USD Foreign Exchange
The transaction margin from the mid-rate you will be charged by your bank or foreign exchange provider plus any fixed or percentage fees. These margins and fees will vary significantly for International Money Transfers and Travel Money transactions.
CAD to USD Foreign Transfer - Costs Compared
You can see a sample of the margins from mid-rate in the table below which shows an example of the costs charged by FX specialist and the average bank rate when sending money transfers from CAD to USD.
Sending a LARGER international money transfer? Request a Free Multi-Vendor Quote
Compare Foreign Transfers
Sending CAD 10,000 to USD
Rate timestamp : Thu Jun 21 2018 05:06:16 GMT+0000 (UTC)
Travel Money CAD to USD - Costs Compared
The below table shows an example of the margins and possible savings when you order travel money online with a currency specialist versus the average bank, kiosk or post office rate to buy foreign cash.
Travel Money Exchange Rates Compared
Buying USD Cash with CAD 1,000
Rate timestamp : 5:09 Local
Getting a good market rate is mainly about timing however the transaction margin you end up being charged can be considerably reduced by around a few percent (of total amount being exchanged) for travel money and possibly over 5% to 6% when sending money. The exact potential savings depends on the currencies being exchanged and the amount you are transferring and if you are willing to shop around.
Our real-time comparison calculators make shopping around easy and help you calculate how much you can save.
Why can't I just get the same CAD/USD market rate I see on Google or in the Media?
When you look up the current Canadian dollar to U.S. dollar exchange rate on the web the figure you find quoted on sites like google or mentioned on TV is commonly referred to as the mid-market rate.
Getting a great CAD to USD mid-market rate is all about timing, so unless you are able to wait, watch and time the market this is largely beyond your control. This rate will go up and down with varying amounts of volatility depending on the currency pair.
This mid-market rate is really only a reference and is just the starting point for calculating the actual rate you will get for your transaction, luckily we can also use this same rate to determine how good a deal a rate that a provider offers you actually is.
You can use our CAD to USD currency converter to calculate equivalent amounts in each currency using the latest mid-market exchange rates. Then choose your transaction type for specific Canadian dollar cross rates and reviews of leading foreign exchange providers versus the Banks.
3. Currency News, Research and Forecasts for Canadian dollar and U.S. dollar
Whenever you are interested in an exchange rate you are actually interested in two currencies due to the fact that the value of a currency is always determined quoted in comparison to another currency.
So it follows that if you are determining the best time to transact, in this case the CAD vs USD, you should pay attention to both Canadian dollar and U.S. dollar news and forecasts.
Canadian dollar (CAD) - Market news and forecasts
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.
U.S. dollar (USD) - Market news and forecasts
It was a fine run for the dollar during the six-week period ending May 25th – the day of this report. The Dollar Index never looked back after breaking from a pocket of congestion in the final week of April. The index ended this period achieving a six-month high of 94.3. The dollar benefited from higher US yields.
Against individual currencies, within this timeframe the dollar was impressive against the euro, which fell to buy only 1.165 dollars, from levels near 1.24; against the pound, which fell to buy 1.33 dollars, from 1.44; and against the New Zealand dollar, which fell to 0.69 from 0.738.
A warning on the dollar’s medium-term outlook was offered in May by Citibank. The bank argues that downward pressure on the dollar will resume because Washington’s planned fiscal spending will cause a further deterioration in the US’ twin deficits. The dollar might have 5 percent downside over 6-12 months and 10 percent downside in the long run, a Citi analyst said.
In the coming month, supporting the dollar against growth-sensitive currencies, which include CAD, AUD, NZD, SEK, NOK, SGD and most of the emerging market currencies, will be developments surrounding global trade. In May, trade tensions resurfaced after the US Commerce Department announced it would investigate automobile imports. In 2018, Washington had already announced tariffs on aluminium and steel imports, angering much of the rest of the world.