Canadian Dollar (CAD) Exchange Rates Today
Live rates, 30-day trends, and real talk about what banks charge you for Canadian Dollar.
Mid-market rate - no bank markup 200+ currencies Free
What is the Canadian Dollar?
Nicknamed the 'Loonie' after the bird on Canada's one-dollar coin. CAD is closely tied to oil prices given Canada's large energy exports.
Symbol: C$ ISO code: CAD Central bank: Bank of Canada (BOC)
BIS ranking: 8th most traded (the 8th most bought and sold currency worldwide) Used in: Canada
This page is a hub for all CAD exchange rates on our site. Use the converter above to check the current mid-market rate for Canadian Dollar against any supported currency, or scroll down to browse individual pair pages with 30-day charts, historical data, and conversion tables.
How Canadian Dollar is commonly exchanged
The Canadian Dollar (nicknamed the 'Loonie') is closely tied to oil prices given Canada's large energy exports. USD/CAD is by far the most traded pair. Cross-border trade between the US and Canada - the world's largest bilateral trade relationship - generates constant CAD demand.
Most CAD conversions pass through one of the major pairs listed below. For less common combinations, rates are computed as cross-rates through USD or EUR, which may carry a slightly wider spread.
Practical notes for Canadian Dollar
Travel and card conversions
If you are spending in Canadian Dollar, a card with no foreign transaction fee is typically the best option. Always choose to be charged in CAD (the local currency) at point of sale - selecting your home currency triggers Dynamic Currency Conversion, which adds an unnecessary 3-6% markup to your transaction.
Weekend and holiday pricing
Currency markets close Friday at 5pm Eastern and reopen Sunday at 5pm Eastern. During this window, the rate you see is Friday's closing price. Some providers widen their spreads on weekends. If your conversion is not urgent, waiting until Monday often means a tighter spread and a rate that reflects current market conditions.
Large transfers
For conversions above 10,000 CAD, consider a specialist FX broker rather than your bank. The difference in rate on a large transfer can be significant - even a 0.5% improvement on a large sum adds up quickly. Get quotes from at least two providers and compare the final amount the recipient would receive, not just the headline rate.
The Bank of Canada (BOC) and the Canadian Dollar
The Bank of Canada (BOC) targets 2% inflation and sets the overnight lending rate eight times per year.
Policy tool: The overnight rate target. The BOC also publishes a quarterly Monetary Policy Report with economic projections.
Key data releases: Canadian employment, CPI, GDP, and oil price movements all influence CAD. The BOC's forward guidance is closely watched by markets.
Moments that shaped the Canadian Dollar
Oil boom and parity (2007-2014)
The Canadian dollar reached parity with USD in September 2007, driven by high oil prices and a weak US dollar. It touched US$1.10 in November 2007. When oil prices collapsed in 2014, CAD fell sharply - a vivid demonstration of its commodity-currency nature.
The 'Northern Peso' era (1990s)
During the 1990s, persistent federal deficits and political uncertainty (Quebec independence referendums) pushed the Canadian dollar to historic lows below US$0.64 in 2002. Traders derisively nicknamed it the 'Northern Peso.' The currency's subsequent recovery to parity was one of the most dramatic turnarounds in G7 FX history.
Did you know?
- The Canadian dollar is nicknamed the 'Loonie' after the common loon bird depicted on the one-dollar coin, introduced in 1987.
- The Canadian $2 coin is nicknamed the 'toonie' - a combination of 'two' and 'loonie.'
- Canada was one of the first countries to adopt polymer banknotes, following Australia's lead.
Frequently asked questions
Is the Canadian Dollar strong or weak right now?
The Canadian Dollar's strength fluctuates based on commodity prices, interest rate differentials with the U.S., and economic data releases from Statistics Canada and the Bank of Canada. To assess current strength, check the converter above for real-time rates against major pairs like USD, EUR, and GBP, then compare those rates to historical averages on the pair pages below.
The CAD tends to correlate with oil prices since Canada is a major energy exporter, so energy market conditions directly influence its valuation.
What factors affect the Canadian Dollar exchange rate?
The Bank of Canada's policy rate decisions, crude oil and commodity price movements, employment data from Statistics Canada, and inflation trends shape CAD exchange rates. Cross-border capital flows tied to U.S. yield differentials also matter significantly, since about 75% of Canada's exports go to the United States.
Additionally, risk sentiment in global markets affects the CAD: during financial stress, safe-haven flows often weaken commodity-linked currencies like the Canadian Dollar, while risk-on environments tend to support it.
What is the outlook for the Canadian Dollar?
The Canadian Dollar's direction depends on several evolving factors including the Bank of Canada's monetary policy stance relative to the Federal Reserve, commodity price trends, and Canada's economic growth trajectory. Factors to watch include quarterly GDP reports from Statistics Canada, inflation data, employment figures, and any shifts in the BOC's interest rate guidance.
Market participants also monitor U.S. economic strength and Fed policy since the tight Canada-U.S. economic integration means cross-border rate differentials heavily influence CAD valuations.
Is the Canadian Dollar widely used internationally?
The Canadian Dollar is a major currency used globally but ranks below the U.S. Dollar, Euro, and British Pound in international transaction volumes and reserve holdings.
It is widely traded in forex markets and accepted in many countries, particularly for cross-border trade with the United States and in commodity trading. The CAD's status as a commodity-linked currency makes it particularly important for international investors trading oil, metals, and agricultural products.
How do I compare CAD rates across providers?
Use the converter above to check real-time CAD rates against any currency pair, then compare those mid-market rates to quotes from banks, payment services, and other currency exchange providers. Mid-market rates represent the true exchange rate without markups, so comparing them shows you how much each provider charges above the fair market price.
Check the pair pages below for rate charts and historical data to understand whether a quoted rate is competitive based on recent trading ranges.
How has the Canadian Dollar performed historically?
The Canadian Dollar has experienced significant swings tied to oil price cycles and Bank of Canada policy shifts. From the early 2000s through 2008, the CAD strengthened substantially as oil prices surged and commodity demand peaked; the 2014-2016 energy downturn triggered notable weakness.
More recently, the currency has reflected diverging monetary policies between the BOC and Federal Reserve, employment trends, and inflation dynamics on both sides of the border. Review the rate charts on the pair pages below to see detailed historical performance against major currencies.
How volatile is the Canadian Dollar?
The Canadian Dollar exhibits moderate to high volatility depending on the currency pair and market conditions. Its sensitivity to oil price swings creates periods of sharp movement, particularly when energy markets experience large daily shifts.
During periods of stable commodity prices and consistent central bank policy, CAD volatility tends to decline, but geopolitical shocks or major economic data surprises can trigger rapid repricing. Check the volatility metrics and historical charts on the pair pages below to see how CAD moves against your base currency.
What is the best way to exchange Canadian Dollar?
The best exchange method depends on your situation: use the converter above to find current mid-market rates and compare them to quotes from banks, online currency exchanges, and peer-to-peer platforms. For large amounts or regular transfers, dedicated money transfer services often offer better rates than banks; for travel, ATMs in Canada typically offer fair rates.
Always compare the all-in cost including any fees and markups before committing, and avoid airport currency booths which charge significantly above market rates.
Is CAD getting stronger against USD?
To determine whether the Canadian Dollar is strengthening against the U.S. Dollar, check the USD/CAD pair page below for the latest rate and historical charts showing the trend over days, weeks, and months.
Compare current levels to recent highs and lows to assess directional movement, and review the economic data releases driving both currencies. The Bank of Canada's policy decisions, Canadian employment reports, and crude oil prices all influence this relationship, so monitor those indicators alongside rate movements.
What is a good conversion rate for CAD to USD?
A 'good' CAD to USD conversion rate depends on the recent trading range, not any single fixed level. Use the converter above and the USD/CAD pair page below to see the current mid-market rate and historical data showing typical ranges over the past weeks and months.
Compare that mid-market rate to the all-in quotes from providers you're considering, since a good deal is one that doesn't add excessive markup above the fair market price, rather than any predetermined target rate.
Why is the Canada dollar so weak?
The Canadian Dollar's strength or weakness at any moment reflects multiple factors including crude oil prices (since Canada is a major energy exporter), the Bank of Canada's interest rate versus the Federal Reserve's rate, and relative economic growth between the two countries. Periods of oil price weakness, tighter U.S. monetary policy than BOC policy, or stronger U.S. economic data typically put downward pressure on the CAD.
Review the current economic data, central bank policy statements, and commodity price charts on the pair pages below to understand what's driving CAD valuations today.
What was the lowest CAD to USD ever?
Historical CAD to USD lows occurred during periods of severe commodity price collapses and economic stress; the most notable modern lows happened during the 2014-2016 oil crisis. Instead of citing a specific historical low that may no longer be relevant, check the CAD/USD or USD/CAD pair page below for multi-year charts showing all-time lows and the economic context around those periods.
Understanding why the Canadian Dollar reached certain levels in the past helps contextualize current valuations.
Learn more
- Bank of Canada - Exchange Rates - Official daily noon and closing rates
- BOC Interest Rates - Current and historical policy rates
- Statistics Canada - International Trade - Energy export data that drives the Canadian dollar
Canadian Dollar volatility profile
The Canadian dollar shows medium volatility, heavily influenced by oil prices and US economic data. CAD's close ties to the US economy mean it often tracks USD trends, but energy price swings can cause significant divergence.
Live volatility score updates when market data is available.
Cost to convert Canadian Dollar
Banks typically mark up CAD conversions by 3-5%. Specialist transfer providers offer rates much closer to the mid-market rate shown above, potentially saving you $30-55 on every 1,000 CAD you convert.
| Provider | Typical fee | You receive |
|---|---|---|
| Wise | Mid-market rate + ~0.5% fee | — |
| Revolut | Mid-market rate, free up to monthly limit | — |
| OFX | No fixed fees, ~0.4% spread | — |
| Typical bank | 3-5% markup + fixed fee | — |
Based on sending 1,000 CAD to US Dollar. Costs include spread markup and fees. See full CAD to USD comparison →
Compare Canadian Dollar with similar currencies
Canadian Dollar belongs to the following currency characteristic groups. Currencies within each group often move in correlated patterns.
Commodity-linked currencies
Closely correlated with commodity prices. These currencies tend to strengthen when raw materials rise and weaken during commodity selloffs.
CAD rate statistics
Canadian Dollar rate context
We compare the current Canadian Dollar exchange rate against its recent trading range to help you decide whether now is a good time to convert. The live analysis updates throughout market hours.
Rate analysis updates when live data is available.
Forex Market Hours
The forex market is open 24 hours a day, five days a week. Trading passes between these major financial centers as the world turns.
| Market | Timezone | Local Time | Status |
|---|---|---|---|
| 🇦🇺 Sydney | AEST | — | — |
| 🇯🇵 Tokyo | JST | — | — |
| 🇬🇧 London | GMT/BST | — | — |
| 🇺🇸 New York | ET | — | — |
All CAD Currency Pairs
Live exchange rate pages for Canadian Dollar against every supported currency.