AUD to CAD Exchange Rate
Ahh, Canada: home to the world’s most educated population where more than 50% of adults hold a college degree. How else could they have created poutine--the pinnacle of culinary refinement: hot chips, cheese curds and gravy?
What influences the AUD/CAD exchange rate?The Australian dollar and Canadian dollar are both considered commodity currencies--currencies from countries whose GDP depends heavily on the export of natural resources. Both the AUD and CAD currencies are traded most actively against the U.S. dollar, so the respective strength of the American economy may play a role in AUD/CAD exchange rates.
In terms of import/export trade relationships, Canada trades most actively with the U.S. while Australia trades most actively with Asia (especially China). Therefore, any slowing or growth that affects critical trade partnerships may sway the respective currencies.
As export-oriented economies with strong interests in agriculture and resources, Australia and Canada have a common interest in a rules-based, open and non-discriminatory world trade system.
--Australian Department of Foreign Affairs and Trade (DFAT)
- In 2016, the Trans-Pacific Partnership agreement was signed by both Canada and Australia. According to DFAT, the TPP is a “free trade agreement of unprecedented scope and ambition” 1. The agreement covered trade between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, the United States and Vietnam. With the U.S. withdrawal imminent, it remains to be seen if the other countries involved will move forward to a similar agreement without U.S. participation.
- Canada, the world’s 2nd largest country by area, derives its name from the Iroquoian word for ‘village’.2 The name Australia comes from australis meaning ‘southern’, which basically makes sense
- Police officers and community officials in Canada give out positive tickets when they catch young people doing something good. The ticket usually comes with a voucher or coupon for a free activity and the program’s success has been notable. Youth crime is down 41% in one major city.3 It’s been so successful the program has been recommended for all citizens, customers and employees. (You’ll be glad to know that OFX has a similar recognition program. Thank goodness.)
- If you travel abroad you may be served by a Canadian consular officer. Canada and Australia have a reciprocal agreement to help each other’s citizens in foreign locales.
If you need to make a payment to Canada, use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalised service.
Currency Name: Canadian Dollar
Currency Code: CAD
Currency Symbol: C$ or CAN$
Central Bank: Bank of Canada
Countries Used In: Canada
Major Unit: One dollar (or loonie)
Minor Unit: One cent
Note Denominations: $5, $10, $20, $50, $100
Coin Denominations: 5¢, 10¢, 25¢, $1, $2.