When you are thinking about sending money abroad, an international money transfer provider is a great option. They can help you with the whole process, provide useful online tools and most importantly bank-beating exchange rates and low or zero fees.
| Foreign Transfer Providers Ratings & Reviews | Receive CAD($) | Exchange Rate | Fee HKD | Total Cost | Transfer Services | Transfer Speed | Deal Links |
|---|---|---|---|---|---|---|---|
 Great rates and platform for personal, business and online sellers. Get local currency accounts in GBP, EUR, CAD, USD, AUD, NZD, JPY and CNY. More info▾ | 8,455 CAD | 0.1691 | 0 | 0.7% | Bank Transfers - Online & Phone, Foreign Currency Accounts | 1-2 days | |
 OFX exchange rates are highly competitive for global money transfers, great customer service. ^Zero transfer fees for BestExchangeRates customers. More info▾ | 8,340 CAD | 0.1668 | 0 for BER users (normally $60) | 2.06% | Bank Transfers - Online & Phone, Foreign Currency Accounts | 1-2 days | |
Banks - Average Rate    Average rate from selected banks. Click icons for each bank's costs. More info▾ | 8,162 CAD | 0.1634 | 55 | 4.14% | Online, Branch, Bank Transfers | 2-3 days |
This is a chart showing the change in the HKD-CAD mid-market exchange rate over the last week. The Total Cost of each foreign transfer 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 HKD-CAD exchange rate.
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 must always be quoted in comparison to a second currency.
So it follows that if you are determining the best time to transact, in this case the HKD vs CAD, you should pay attention to both Hong Kong Dollar and Canadian Dollar news and forecasts.
On balance, the Hong Kong dollar strengthened steadily in the February-April period. By recent standards, it was particularly strong against the euro at rates near HK$8.825. It was near the weaker boundary of its US dollar trading range, at HK$7.844. Against a basket of currencies, the US dollar was up 1.5 percent on the year by April-22, implying the same year-to-date gain for HKD.
HKD’s strength comes in spite of this year’s dovish turn by the US Federal Reserve, whose actions Hong Kong’s central bank must follow. The Fed has ditched two interest rate hikes from its 2019 projections, but fortunately for holders of HKD, the rest of the world has problems too and other important central banks have also turned dovish, removing much of the incentive for selling HKD.
Based on USD research, a Bloomberg analyst warned in April of potential for a large upcoming move in HKD, up or down. Over the past quarter-century, three deep troughs in a prominent volatility index were followed by USD moves over 6-month periods worth 10-15 percent. The index in question fell in the second half of April to a 5-year low.
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.
