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?

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What influences the GBP/CAD exchange rate?

The Canadian dollar is considered a commodity currency--currencies from countries whose GDP depends heavily on the export of natural resources. Both the GBP 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 GBP/CAD exchange rates. 

In terms of import/export trade relationships, Canada trades most actively with the U.S. while the Britain trades most actively with Europe. Therefore any slowing, or growth, that affects critical trade partnerships may sway the respective currencies.

GBP/CAD snapshot

Canada and the United Kingdom continue to have a profound, positive influence on each other. The two countries share a sovereign, and both have among the oldest continuous traditions of parliamentary democracy.1
--Government of Canada

  • Priority areas of collaboration between the two countries include science and technology, climate change, energy, aerospace, defence, nanotechnology and polar science.2
  • According to the government of Canada, “the UK is by far Canada’s most important commercial partner in Europe.” Both countries account for approximately 2% of each other’s foreign trade.3
  • 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 programme’s success has been notable. Youth crime is down 41% in one major city.4 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 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.

 

Sources:
1. http://www.canadainternational.gc.ca/united_kingdom-royaume_uni/bilateral_relations_bilaterales/index.aspx?lang=eng
2. http://www.canadainternational.gc.ca/united_kingdom-royaume_uni/bilateral_relations_bilaterales/commercial-commerciales.aspx?lang=eng
3. http://atlas.media.mit.edu/en/profile/country/gbr/
4. http://www.positivetickets.com/