Finder makes money from featured partners, but editorial opinions are our own.

Foreign currency exchange rates

Get today’s live and historical exchange rates from CAD to all global currencies.

An exchange rate is the value of one currency exchanged for another. Using our live exchange rates from CAD to all global currencies, you can calculate how much your money would be worth and use historical data from the last 10 years to forecast trends. Find out if you’re getting the best deal, and pick the best time to transfer with the strongest exchange rates.

How are exchange rates calculated?

Exchange rates, also known as foreign exchange rates, are calculated based on the currency values of the two currencies being exchanged. Let’s look at the Canadian dollar and US dollar currency pair exchange rate as of May 3, 2024:

  • If 1 CAD = 0.73 USD, you can buy 0.73 US dollars for every 1 Canadian dollar
  • If 1 USD = 1.37 CAD, you can buy 1.37 Canadian dollars for every 1 US dollar

In this example, you would be able to buy US$73 with CA$100. However, keep in mind that exchange rates change frequently. Plus, because banks and money transfer providers need to make money, these institutions often offer weaker rates compared to the rate seen on the news.

The exchange rate you see on the evening news is the “interbank rate,” also known as the mid-market rate. This is the rate banks use when buying and selling currency with other banks. The rate you receive will have a margin built into it (or other fees) which makes it less competitive than the mid-market rate. Therefore it’s best to compare rates thoroughly before carrying out a money transfer to get the best exchange rate.

Staying on top of trends can save you money when it comes to foreign currency exchange. Today CA$1 is worth…

Select a currency pair that fits your needs

Why do exchange rates matter?

Exchange rates change frequently. There’s no guarantee that the rate you see today will be available tomorrow, or even in the next hour. Fluctuating exchange rates can affect a range of stakeholders:

  • Travellers. When you travel overseas, you may have more or less money to spend depending on the strengths or weaknesses of the currencies you’re trading.
  • Locals. If your country has a strong foreign currency, you may see some imported items become cheaper while other items become more expensive.
  • Importers. If you import goods into your country, you may pay more or less—depending on how rates have fluctuated—for the same goods.
  • Exporters. If you sell goods to other countries, you may pay more or less for the same goods.
  • Investors. Many trade in foreign currencies, so a drop in the value of a currency being traded translates into losses, while a gain translates into profits.

Knowing the value of your currency in relation to foreign currencies will help you understand your purchasing power or analyze your investments.

For example, if you’re planning on traveling, knowing the exchange rate shows you your purchasing power, or the amount you can spend with your money. If you regularly send money overseas—for example, to family—you’ll want to know what the exchange rate is, so you know how much money is actually reaching your destination.

What influences exchange rates?

Exchange rates are important indicators of a country’s economic performance. This is because countries depend on foreign trade with other countries around the world.

Aside from demand and supply being major factors of exchange rates, there are a number of underlying factors which also have an impact:

  • Interest rates. Interest rates set by the country’s central bank will affect the currency value of that country. If the bank has set high interest rates, then lenders will see high returns—which tends to attract foreign investors.
  • Terms of trade. A country’s terms of trade are determined by the balance between exports and imports. If a country’s exports are in high demand, then that country will receive more revenue from exporting. This leads to its currency being in high demand and increasing in value.
  • Inflation. A country with low rates of inflation will have a high currency value, because its purchasing power increases in comparison with other countries.
  • Political climate. Investors typically look for countries with a stable political climate, so their capital is safely invested. Generally, countries with a stable political environment will have strong economic performance and attract more investors.
  • Public debt. A country with high public debt might adopt measures like printing money to reduce debt. When this happens, that country’s currency value goes down, lowering its exchange rate.

Exchange rates from CAD to other currencies

Frequently asked questions

Read more on this topic

Go to site