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 USD/CAD exchange rate?
The Canadian dollar (CAD) is considered a commodity currency (currencies from countries whose GDP depends heavily on the export of natural resources). As a result, the CAD/USD exchange rate may be affected by commodity booms and busts--especially as they relate to oil, gold and forestry products.1
The CAD, or loonie, trades most actively against the U.S. dollar, and the relative strength of the American economy may play a role in CAD/USD exchange rates.
The United States and Canada share deeply integrated economies and enjoy the largest bilateral trade and investment relationship in the world. The almost 400,000 people and some $2 billion worth of goods and services that cross our border every day are a testament to the strength of our economic relationship.2
--Office of the Press Secretary, The White House
- In 2016, the Trans-Pacific Partnership agreement was signed by both Canada and the U.S. According to DFAT, the TPP is a “free trade agreement of unprecedented scope and ambition” 1. The agreement covered trade between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, the United States and Vietnam. With the U.S. withdrawal imminent, it remains to be seen if the other countries involved will move forward to a similar agreement without U.S. participation.
Police officers and community officials in Canada give out positive tickets when they catch young people doing something good. The ticket usually comes with a voucher or coupon for a free activity and the programme’s success has been notable. Youth crime is down 41% in one major city.3 It’s been so successful the program has been recommended for all citizens, customers and employees. (You’ll be glad to know that OFX has a similar recognition program. Thank goodness.)
The U.S./Canada border is the longest undefended border in the world.4
If you need to make a payment to Canada, use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalized service.
Currency Name: Canadian Dollar
Currency Code: CAD
Currency Symbol: C$ 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