CAD to AUD Exchange Rate
Ahh, Australia: the sunburned island continent home to plentiful marsupials and the good ol’ vegemite sandwich.
What influences the USD/AUD exchange rate?
Since the 2005 Free Trade Agreement (FTA) between the U.S. and Australia, goods and services trade has more than doubled between the two countries.1 According to the U.S. Department of State, the U.S. is the largest foreign investor in Australia accounting for more than 25% of foreign investment.
Because the AUD or Aussie dollar is considered a commodity currency, factors that affect the USD/AUD exchange rate may be based, in part, around demand for Australian commodities such as iron ore, coal and gold. Because 85% of Australian exports go to Asia, the value of the Aussie dollar may fluctuate when growth reports for major Asian economies differ from expectations.2
Australia is a vital ally and partner of the United States. The United States and Australia maintain a robust relationship underpinned by shared democratic values, common interests, and cultural affinities. Economic, academic, and people-to-people ties are vibrant and strong.3
---The U.S. State Department
The U.S. remains the world’s largest economy by nominal GDP whereas Australia ranks 13th.4
Higher education is a popular export for both countries. For Australia, it’s an A$ 19 billion industry, while for the U.S., it’s a $30 billion contributor to the economy.5, 6
Australia’s richest native is Gina Rinehart, mining mogul. As of 2016, her $10 billion dollar stockpile (down from a peak of almost $31 billion in 2012) leaves her at number 12 on the list of the world’s richest women well behind the heiresses of Walmart and Mars (candy).7
Whether you’re paying for an overseas education or sending money back home to friends and family, OFX can help you save on your international money transfers. If you need to make a payment to Australia, use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalized service.
Currency Name: Australian Dollar
Currency Code: AUD
Currency Symbol: A$
Central Bank: The Reserve Bank of Australia
Countries Used In: Australia, some Pacific Islands
Major Unit: One Australian dollar
Minor Unit: One cent
Note Denominations: 5, 10, 20, 50, 100
Coin Denominations: 5¢, 10¢, 20¢, 50¢, one dollar, two dollars.