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US dollar to Canadian dollar USD to CAD exchange rate, chart

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Exchanging currency is a lot like buying an item, but in this case, you’re buying another country’s currency. You can exchange currency online or in person, depending on which type of service you use. A number of central banks keep Canadian dollars as a reserve currency.

Historical Chart 1 USD/CAD

It’s known locally as a buck or a loonie, with the two-dollar coin known as a toonie. Track historical rates and set rate alerts to make the best conversion decision for your needs. These rates were last updated in January 2018, and will not be updated in future.

Historical noon and closing rates

An interest rate differential can affect relative currency values. The USD to CAD exchange rate usually has a negative correlation with the GBP/USD, AUD/USD, and NZD/USD pairs. USD/CAD is one of three commodity pairs that include NZD/USD and AUD/USD. These pairs are strongly correlated to commodity fluctuations, oil in particular. Compare our rate and fee with our competitors and see the difference for yourself. Find exchange rates, along with supporting data and background information.

  • Over the last 7 days, the best beneficial exchange rate was $1.44.
  • That’s because those kiosks have a “captive” tourist audience and don’t have as much need to be competitive.
  • These charges, often hidden in the fine print, can quickly accumulate and take a significant toll on your finances.
  • Exchange rate risk also plays an important role in investors’ decisions and therefore affects the exchange rates between currencies.
  • Ask your bank or FX provider if they offer discounts for large value conversions.
  • In other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service provider.
  • Continuing with the above example, when foreign investors buy Canadian treasury bills, they bear the risk of unexpected changes in the value of the Canadian dollar while the asset is held.

A widening differential in Accumulation distribution indicator policy interest rates between the two countries has also played a modest role. With Float you can send money internationally in CAD or USD to pay your suppliers or employees. Open a Free Float account to experience the future of global business payments. You can also get a better rate if you convert a larger amount at the same time.

Also, your bank may charge foreign exchange fees, conversion fees, or out-of-network ATM fees. The table displays the data and analysis of the variations. A year ago today, on https://www.forex-world.net/ this day, provided the equivalent of $1.00 canadian dollars for $0.743 us dollar, which is $0.037 more than it is now. Over the last 7 days, the best beneficial exchange rate was $0.705.

Historical currency rates

These rates were last updated 28 April 2017 using the Bank’s old calculation methodology, and will not be updated in future. This chart will allow users to see the USD/CAD oscillation, and look at last year’s data. In the majority of cases, this data is sufficient to predict future changes. This chart will allow users to see the hitbtc crypto exchange review CAD/USD oscillation, and look at last year’s data. To view rates between the Canadian Dollar and the US Dollar for a particular year, click on one of the links below.

  • Knowing how to exchange currency and how to get the best currency exchange rates could save you a significant amount of time and money.
  • These rates were last updated in January 2018, and will not be updated in future.
  • An interest rate differential can affect relative currency values.
  • Send money directly from your Float account in CAD or USD via EFT, wire, or ACH payments.
  • These pairs are strongly correlated to commodity fluctuations, oil in particular.

How currency exchanges work

In other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service provider. Before confirming a currency exchange, make sure you’re seeing rates for the type of transaction you wish to conduct. Consider using services like Wise.com or OFX that offer better conversion rates—especially for SMBs that cannot access large value conversion discounts from the banks or trade desk rates. Navigating the world of international transactions can be a daunting task, especially when you’re faced with the added burden of currency conversion fees. These charges, often hidden in the fine print, can quickly accumulate and take a significant toll on your finances.

The widening differential between Canadian and US interest rates of about 1 percentage point has contributed to a roughly 1% depreciation in the Canadian dollar. This leaves most of the remaining observed depreciation since October 2024 unaccounted for. The Canadian dollar has declined against the US dollar since October 2024, mostly due to rising uncertainty around trade policies.

That fee is on top of the conversion rate and spread your credit card uses to turn your foreign purchase into Canadian dollars. However, some credit cards don’t charge a foreign transaction fee, making them great options for travellers. The spread is essentially a fee buried in the conversion rate. Some services may charge an additional fee on top of the spread, which is why it’s vital to shop around before you exchange currency. A currency exchange is a business that allows you to trade one country’s money for another country’s money, such as converting Canadian dollars to U.S. dollars.