CAD to SGD Exchange Rate

Ah, Singapore: The ‘Lion City’ has one of the world’s highest concentrations of millionaires per capita and a ban on chewing gum. Coincidence?

{{tab.base}} / {{tab.term}} ...
Add pair

What influences the CAD/SGD exchange rate?

The Canadian dollar (CAD) works under a floating exchange rate regime. Therefore, the CAD exchange rate may be determined by supply and demand especially relative to the value of the USD. Other factors that might influence CAD’s value include commodity prices, interest rates, and inflation rates.1
 
The Singapore dollar (SGD), which is handled by the Monetary Authority of Singapore (MAS), is managed against the currencies of the country’s top competitors and trading partners. The foreign currencies are given weights according to Singapore’s dependence on them for trade. By using a managed float system, Singapore’s trade-weighted exchange rate moves within a particular policy band, which is revisited regularly. Whenever the exchange rate begins to shift beyond this band, MAS will sell or buy foreign exchange in an effort to get the rate within the band again.2

CAD/SGD Snapshot

“Singapore is an important regional trade partner for Canada and is Canada's third largest export market in the Association of Southeast Asian Nations (ASEAN).” – High Commission of Canada in Singapore3

  • Because Singapore is a major Asian gateway, it provides Canadian investors and firms with opportunities to do business in the region.3
  • In 2015, Canada was ranked 10th in GDP, while Singapore ranked 37th.4
  • In 2015, Canada was the 11th largest exporter and 10th largest importer in the world.5 Singapore was the 19th largest exporter and the 16th largest importer.6
  • Canada’s top exports include crude petroleum, cars, refined petroleum, vehicle parts, and helicopters, planes, and spacecraft.5
  • Singapore’s top exports include integrated circuits, refined petroleum, computers, and packaged medicaments.6

Whether you’re planning on doing business in Singapore 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 Singapore, 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: Singapore Dollar
Currency Code: SGD
Currency Symbol: S$  
Central Bank: Monetary Authority of Singapore
Countries Used In: Singapore, Brunei
Major Unit: One Dollar    
Minor Unit: One Cent   
Note Denominations: $2, $5, $10, $20, $25, $50, $100, $1,000, $10,000
Coin Denominations: 1, 5, 10, 20, 50 cents; $1, $5

 

SGD to CAD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the SGD to CAD exchange rate today.

 

Sources:

  1. https://lop.parl.ca/Content/LOP/ResearchPublications/tips/tip117-e.htm
  2. http://www.mas.gov.sg/~/media/MAS/Monetary%20Policy%20and%20Economics/Monetary%20Policy/MP%20Framework/exchangePolicy.pdf
  3. http://www.canadainternational.gc.ca/singapore-singapour/bilateral_relations_bilaterales/canada_singapore-singapour.aspx?lang=eng&_ga=2.180110242.764771610.1497977016-1910332906.1497977016  
  4. http://databank.worldbank.org/data/download/GDP.pdf
  5. http://atlas.media.mit.edu/en/profile/country/can/
  6. http://atlas.media.mit.edu/en/profile/country/sgp/