CAD to ZAR Exchange Rate

Ah, South Africa: Where you’ll find the oldest remains of modern humans, fossils of early dinosaurs, and app that calculates a bride’s dowry in cows.

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What influences the CAD/ZAR exchange rate? 

Also known as the loonie, the Canadian dollar (CAD) works under a floating exchange rate regime. Therefore, the CAD exchange rate may be determined by supply and demand. Other factors that might influence CAD’s value include commodity prices, interest rates, and inflation rates.1
 
Because South Africa has an abundance of natural resources and mineral deposits, the ZAR may be influenced by developments within global commodities markets. And because of these countries’ floating exchange rate systems, the CAD/ZAR exchange rate could be determined by the supply and demand for these currencies within the foreign exchange market.

The value of these currencies might also be influenced by the economies of their top trading partners. More specifically, because the U.S. and China are both Canada’s and South Africa’s top two export destinations, the value of the CAD and ZAR may be affected by the demand for Canadian and South African exports. 

CAD/ZAR Snapshot

“South Africa is a major gateway to the African market, and South Africa is one of Canada's most significant commercial partners in Africa.” – High Commission of Canada in South Africa2

Some of the top exports from Canada to South Africa include wheat and lentils, electrical machinery, optical equipment, pork, pharmaceuticals, sulfur, and power generation machinery. Some of the main exports from South Africa to Canada include beverages, minerals, nuclear machinery parts, and citrus.2

  • Canada’s investments in South Africa are primarily focused upon the following sectors: mineral and mining, transportation, hospitality, instrumentation, information and communication technologies, and food processing.2
  • In 2015, Canada was ranked 10th in GDP, while South Africa ranked 32nd.3
  • In 2015, Canada was the 11th largest exporter and 10th largest importer in the world.4 South Africa was the 36th largest exporter and the 36th largest importer.5

Whether you’re planning on doing business in South Africa 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 South Africa, 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: South African Rand  
Currency Code: ZAR
Currency Symbol: R
Central Bank: South African Reserve Bank
Countries Used In: South Africa, Swaziland, Zimbabwe, Lesotho, and Namibia
Major Unit: One South African Rand
Minor Unit: One Cent
Note Denominations: R 10, R 20, R 50, R 100, R 200
Coin Denominations: 5c, 10c, 20c, 50c, R 1, R 2, R 5

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

Sources:

  1. https://lop.parl.ca/Content/LOP/ResearchPublications/tips/tip117-e.htm
  2. http://www.canadainternational.gc.ca/southafrica-afriquedusud/bilateral_relations_bilaterales/canada_south-africa-afrique-du-sud.aspx?lang=eng&_ga=2.187911342.764771610.1497977016-1910332906.1497977016  
  3. http://databank.worldbank.org/data/download/GDP.pdf
  4. http://atlas.media.mit.edu/en/profile/country/can/
  5. http://atlas.media.mit.edu/en/profile/country/phl/