This is the current USD-CAD 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 USD-CAD 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 USD vs CAD, you should pay attention to both United States Dollar and Canadian Dollar news and forecasts.
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.
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.
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.