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 $2 billion worth of goods and services that cross our border every day are a testament to the strength of our economic relationship.2
--Office of the Press Secretary, The White House
In 2016, the Trans-Pacific Partnership agreement was signed by both Canada and America. According to the White House, the TPP “links together countries that represent nearly 40 percent of global GDP". The agreement covers trade between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, the United States and Vietnam. Once approved internally by the respective member governments, the TPP will grant more open access to new markets and encourage foreign investment.
Police officers and community officials in Canada give out positive tickets when they catch young people doing something good. The ticket usually comes with a voucher or coupon for a free activity and the programme’s success has been notable. Youth crime is down 41% in one major city.3 It’s been so successful the program has been recommended for all citizens, customers and employees. (You’ll be glad to know that OFX has a similar recognition program. Thank goodness.)
The U.S./Canada border is the longest undefended border in the world.4
If you need to make a payment to Canada, use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalized service.
Currency Name: Canadian Dollar
Currency Code: CAD
Currency Symbol: C$ 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
OFX fees not included in the conversion amounts shown above.
*Occasionally, third-party banks may deduct a fee from your transfer before paying your recipient. This fee may vary and OFX receives no portion of it.
CCY Worldwide Delivery Times
Some destinations for this currency include:
*Delivery times are indicative and measured in business days from the time your funds are received by OFX.