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    CAD to USD Exchange Rates

    Compare & Save - Canadian dollar to US dollar exchange rates. Latest loonie→dollar analysis and review of forecasts.

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    Compare & Save - Canadian dollar to US dollar

    Exchange rates can vary significantly between different currency exchange providers, so it's important to compare Canadian dollar (CAD) to US dollar (USD) rates from different sources before making a conversion.

    The above Rate Calculator and Comparison Table makes it easy to compare the Total Cost you are being charged on loonie to dollar currency rates and the possible savings of using various providers.

    In this loonie to dollar (CAD/USD) rate guide:

    @bestfxrates : FX analysts predict challenges for the CAD to USD exchange rate, currently at 0.7423, due to global market conditions & ongoing housing price decline in Canada. As Fed's interest rate hike cycle concludes, USD strength may reverse in 2023. The major oil exporter, CAD, remains sensitive to oil price flux, now at $95.38, up 11.7% from the 3-month average. Oil price moves could further affect the rate. #CADUSD #CurrencyUpdate

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    CAD to USD Market Data

    Canadian dollar (CAD) to US dollar (USD) market data - latest interbank mid-rate, trend, chart & historic rates.

    1 CAD =
    0.7358We compare provider deals to this wholesale mid-market rate. Read more
    CAD to USD is at 14-day lows near 0.7358, 1.3% below its 3-month average of 0.7454, having traded in a quite stable 4.4% range from 0.7307 to 0.7626
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    15 Sep 2023
    0.4% 2 Week
    01 Jul 2023
    2.5% 3 Month
    29 Sep 2022
    0.7% 1 Year
    30 Sep 2018
    5.5% 5 Year
    01 Oct 2013
    24% 10 Year
    04 Oct 2003
    1.2% 20 Year
    CAD/USD historic rates & change to 29-Sep-2023

    Forecasts for CAD to USD

    CADUSD chart

    According to recent exchange rate forecasts provided by currency market analysts, the CAD to USD exchange rate is expected to face challenges in the near future. The Canadian dollar has been grappling with the risk-on and risk-off conditions in global financial markets, rather than issues stemming from the fundamentals of the Canadian and US economies. The ongoing decline in housing prices and the subsequent negative impact on wealth could exert further downward pressure on the Canadian dollar throughout 2023. It is worth noting that Canada's largest market for oil is the US, which consumes 20 million barrels per day while only producing approximately 12 million barrels. As a major oil exporter, CAD can be influenced by oil price movements.

    Read our full CAD to USD forecasts analysis

    CAD to USD flags

    How to get a good CAD to USD exchange rate

    There are several ways to save on exchange rates when converting Canadian dollar to US dollar:

    1. Shop around for the best CAD/USD exchange rate: Exchange rates can vary significantly between different currency exchange providers, so it's important to compare rates from different sources before making a conversion.
    2. Timing is important: Keep an eye on the CAD/USD rate on currency markets, as exchange rates can fluctuate frequently. Try to make your transactions when the exchange rate is in your favor. You can do this easily with our BER Smart Rate Tracker.
    3. Use a credit/debit or travel card that doesn't charge foreign transaction fees: Some credit cards charge additional fees for transactions made in a foreign currency, so it's important to check with your card issuer to see if they charge these fees and what their exchange rate is.
    4. Use a multi-currency account: Having a multi-currency account allows you to hold and transfer money in both CAD and USD at close to the interbank rate. It also allows you to make payments or withdrawals in the local currency while avoiding high conversion fees.
    5. Buy currency in advance: If you know that you will need foreign currency in the future, consider buying it in advance when the exchange rate is favorable.

    The key is reducing excessive costs and fees

    Generally speaking, if you are buying US dollar with Canadian dollar, then it's better for the CAD/USD exchange rate to be higher.

    However working against you are the fees all foreign exchange providers charge for providing their service. These fees is usually contained within the exchange rate margin (or difference to the mid-rate).

    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 foreign transfer and travel money/cards comparison calculators make shopping around easy and help you calculate how much you can save.

    It's worth noting that while these tips can help you save on exchange rates, it's important to be aware that no single method is guaranteed to provide the best exchange rate in every situation, and it may require some research and comparison-shopping to find the best option for your specific needs.

    Will the Canadian dollar rise against the US dollar?

    It is almost impossible to predict what an exchange rate will do in the future, the best approach is to monitor the currency markets and transact when an exchange rate moves in your favour.

    To help with this you can add CAD/USD to your personalised BER Smart Rate Tracker to track and benefit from currency movements.

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    Rather than requiring you to set a target rate, our FX Alerts work differently. Once you add a currency pair for tracking in your watchlist we can select to be notified daily for any UP DOWN HIGH LOW alerts over a range of periods over the recent 90 days.

    Read our Currency guide to the United States - a practical currency and money guide to travel, living and doing business in the United States with the US dollar.


    Country Currency Guides

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    Setting up a business in the US as a foreigner

    Setting up a business in the US as a foreigner is generally the same process as setting up a business as a US citizen. However, there may be additional legal requirements and regulations that apply to foreign nationals. It is advisable to consult with a lawyer who specializes in immigration and business law to ensure compliance with all relevant laws and regulations. Additionally, obtaining a valid work visa may be necessary in order to work in the US as a foreigner. It's important to research the specific requirements for the type of business you plan to start and the state where you plan to set it up.

    Read more at our United States (USD) country guide


    Forecasts disclaimer: Please be advised that the forecasts and analysis of market data presented on BestExchangeRates.com are solely a review and compilation of forecasts from various market experts and economists. These forecasts are not meant to reflect the opinions or views of BestExchangeRates.com or its affiliates, nor should they be construed as a recommendation or advice to engage in any financial transactions. Read more

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