OFX USD to CAD Exchange Rates

OFX at a glance

OFX has a 20-year history and is one of the largest foreign exchange specialists in the world. It offers a complete foreign exchange solution, including discounted money transfers, currency hedging tools, recurring transfers, a multi-currency account for online sellers and much more.

OFX grew from the idea that there had to be a better, fairer way to move money around the world. That was over 20 years ago, and since then over 1 million customers have trusted OFX with transfers in 50+ currencies to over 170 countries.

OFX don’t just offer great rates, they believe real help from real people counts. That’s why their clients get the best of both worlds – a seamless digital platform, combined with 24/7 phone access to currency experts.

When it comes to moving money, peace of mind is important. OFX is monitored by over 50 regulators globally and work within a network of carefully selected banking partners. So whether you are sending money to friends and family abroad, or doing business across borders, OFX can get your money where it needs to go. Fast, simple, secure.

*Minimum transfer amount apply. Please note that the receiving bank or intermediary bank may charge fees on transactions.

@bestfxrates : USD/CAD steadies just shy of 3-mo avg, reflecting USD's resilience amid high Treasury yields & strong economy. Reuters poll sees trend holding ‘til year-end. CIBC pegs ‘24 rate at 1.31 as CAD faces oil price volatility & possible BoC actions. Scotiabank views CAD as undervalued. #USDCAD #ForexUpdate

USD to CAD Market Data

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

1 USD = CAD

USD to CAD at 1.3555 is just 0.6% below its 3-month average of 1.3642, having traded in a very stable 3.2% range from 1.3448 to 1.3882

05-DEC 4AM-NY 9AM-LON 5PM-HK 8PM-SYD

Sell USD → Buy CAD

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1 CAD = 0.7379 USD

30-DAY LOW1d

Date	USD/CAD	Change	Period
20 Nov 2023	1.3726	1.4% ▼	2 Week
05 Sep 2023	1.3640	0.7% ▼	3 Month
04 Dec 2022	1.3447	0.7% ▲	1 Year
05 Dec 2018	1.3363	1.3% ▲	5 Year
06 Dec 2013	1.0644	27.2% ▲	10 Year
09 Dec 2003	1.3052	3.7% ▲	20 Year

USD/CAD historic rates & change to 04-Dec-2023

Forecasts for USD to CAD

30-DAY LOW1d

04 DecFX analysts are closely monitoring the robust performance of the US dollar, which has been underpinned by a resilient US economy and high Treasury yields, factors that have contributed to the dollar's fortitude against many major currencies. According to a Reuters Poll of Forex Strategists, this trend is expected to persist towards the end of the current year, with occasional setbacks being overshadowed by an overall strong dollar, especially as concerns about global growth and challenges in China dampen risk appetite. However, looking towards 2024, a modest reversal seems likely, especially with the anticipated shift in Federal Reserve's monetary policy and the expected end to the aggressive interest rate hike cycle. Against this backdrop, the USD to CAD rate remains just 0.7% below its 3-month average, suggesting a stability despite the broader market volatility.

Read our full USD to CAD forecasts analysis

How to get a good USD to CAD exchange rate

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

Shop around for the best USD/CAD 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.
Timing is important: Keep an eye on the USD/CAD 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.
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.
Use a multi-currency account: Having a multi-currency account allows you to hold and transfer money in both USD and CAD at close to the interbank rate. It also allows you to make payments or withdrawals in the local currency while avoiding high conversion fees.
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 Canadian dollar with US dollar, then it's better for the USD/CAD 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 US dollar rise against the Canadian 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 USD/CAD 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 Canada - a practical currency and money guide to travel, living and doing business in Canada with the Canadian dollar.

Country Currency Guides

United States (USD)

Canada (CAD)

Here are a few things to consider when sending money to Canada:

Fees: Different banks and money transfer services charge different fees for international money transfers. Shop around to find the best deal and compare the fees charged by different providers.
Exchange rate: The exchange rate is the rate at which one currency is converted into another. Keep an eye on the exchange rate when sending money to Canada, as it can fluctuate and impact the amount of money you receive.
Transfer speed: Some money transfer providers offer faster transfer speeds than others. If you need the money to arrive in Canada quickly, consider a provider that offers expedited transfer speeds for an additional fee.
Read more at our Canada (CAD) country guide

Related exchange rates

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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