If economic data is weak, however, the CAD is likely to fall. Our currency rankings show that the most popular Canadian Dollar exchange rate is the CAD to USD rate. The currency code for Dollars is CAD, and the currency symbol is $. Below, you'll find Canadian Dollar rates and a currency converter.
Canadian dollar to US dollars
In 1841, the Province of Canada adopted a new system based on the Halifax rating. The new Canadian pound was equal to four US dollars (92.88 grains gold), making £1 sterling equal to £1.4s.4d. Thus, the new Canadian pound was worth 16 shillings and 5.3 pence sterling. Cryptocurrency prices show signs of recovery on Tuesday following a volatile session the prior day, driven by tariff uncertainty and trade tensions between the United States (US) and its trading partners. The Bank of Canada (BoC) has a significant influence on the Canadian Dollar by setting the level of interest rates that banks can lend to one another. The main goal of the BoC is to maintain inflation at 1-3% by adjusting interest rates up or down.
Also in that year mintage of the 1¢ coin ceased and its withdrawal from circulation began in 2013. Importance of the Canadian DollarThe Canadian Dollar is the seventh-most traded currency on the Forex market, as many institutions and individuals trade the CAD. People also refer to the CAD as the Loonie, buck, Huard, and Piastre (in French). The Canadian Dollar is held as a reserve currency by a number of central banks. It is also known as a commodity currency, due to the country's substantial raw material exports. The standard set of designs has Canadian symbols, usually wildlife, on the reverse, and an effigy of Charles III on the obverse.
As its largest trading partner, the health of the US economy is also understanding forex quotes and currency pairs a key factor influencing the Canadian Dollar. Banks and traditional providers often have extra costs, which they pass to you by marking up the exchange rate. Our smart tech means we’re more efficient – which means you get a great rate.
- Commemorative coins with differing reverses are also issued on an irregular basis, most often quarters.
- Introduced in 1858, the Canadian dollar (CAD) is the official currency of Canada.
- The idea was that the decimal coins would correspond to exact amounts in relation to the U.S. dollar fractional coinage.
- The new announcements are silent on Singapore, India and the Philippines, which might stand to benefit from tariff concessions if negotiations progress favourably.
- Cryptocurrency prices show signs of recovery on Tuesday following a volatile session the prior day, driven by tariff uncertainty and trade tensions between the United States (US) and its trading partners.
In 1982, the 1¢ coin was changed to dodecagonal, and the 5¢ was further debased to a cupro-nickel alloy. In 1987 a $1 coin struck in aureate-plated nickel was introduced. In 1997, copper-plated zinc replaced bronze in the 1¢, and it returned to a round shape. This was followed, in 2000, by the introduction of even cheaper plated-steel 1¢, 5¢, 10¢, 25¢ and 50¢ coins, with the 1¢ plated in copper and the others plated in cupro-nickel. In 2012, the multi-ply plated-steel technology was introduced for $1 and $2 coins as well.
CAD = 0.73091 USD
Relatively higher interest rates tend to be positive for the CAD. The Bank of Canada can also use quantitative easing and tightening to influence credit conditions, with the former CAD-negative and the latter CAD-positive. Looking ahead, all eyes will be on the FOMC meeting minutes, due to be released on Wednesday, which could offer fresh clues on the Federal Reserve’s policy path amid growing global trade tensions. Any sign of caution or delayed rate cuts may further support the US Dollar. On the Canadian side, attention will turn to the monthly employment report on Friday, which will provide insight into the health of the domestic labor market. However, Canada has not been included in this global tariff extension, thanks to its separate bilateral trade agreement with the United States.
- Additionally, it's advisable to convert Canadian Dollars to US Dollars early in the week if you need USD urgently.
- CAD acts as the fifth most-held reserve currency in the world after the US dollar (USD), the euro (EUR), British pound sterling (GBP) and the Japanese yen (JPY).
- Production was maintained through 1967 with the exception of the war years between 1939 and 1945.
- On the Canadian side, attention will turn to the monthly employment report on Friday, which will provide insight into the health of the domestic labor market.
- Below, you'll find Canadian Dollar rates and a currency converter.
Bank notes
Except for 1¢ coins struck in 1859, no more coins were issued until 1870, when production of the 5¢ and 10¢ was resumed and silver 25¢ and 50¢ were introduced. Between 1908 and 1919, sovereigns (legal tender in Canada for $4.86+2⁄3) were struck in Ottawa with a «C» mintmark. The last 1¢ coin (penny) to be minted in Canada was struck on May 4, 2012,15 and distribution of the penny ceased on February 4, 2013.16 Ever since, the price for a cash transaction is rounded to the nearest five cents. The penny continues to be legal tender, although it is only accepted as payment and is not given back as change. While inflation had always traditionally been thought of as a negative factor for a currency since it lowers the value of money, the opposite has actually been the case in modern times with the relaxation of cross-border capital controls. Higher inflation tends to lead central banks to put up interest rates which attracts more capital inflows from global investors seeking a lucrative place to keep their money.
What's the best USD to CAD exchange rate today?
The author has not received compensation for writing this article, other than from FXStreet. Adding to the mix, the latest Ivey Purchasing Managers Index (PMI) surprised to the upside, offering a glimpse of strength in Canada’s economic activity. The headline PMI rose to 53.3 in June, up sharply from 48.9 in May, marking the highest reading in four months and indicating renewed expansion. Despite the positive PMI headline, the Canadian Dollar struggled to capitalize, with traders more focused on external headwinds and global risk sentiment. Tariff tensions are back in focus after US President Donald Trump posted official letters on his social media platform, Truth, warning of new reciprocal tariffs on 14 countries, including Japan, South Korea, and South Africa.
Whether you need to make cross-border payments or FX risk management solutions, we’ve got you covered. Schedule international transfers across 130 currencies in 190+ countries. In 1860, the colonies of New Brunswick and Nova Scotia followed the Province of Canada in adopting a decimal system based on the U.S. dollar unit. GBP/USD now manages to bounce off earlier lows near 1.3520, regaining some upside traction amid the generalised weakness in the risk complex and the continuation of the buying pressure in the Greenback. The cautious market attitude supports the US Dollar and keeps Cable's performance low as investors continue to concentrate on US trade policy rumours. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.
Conversion Rates US Dollar/Canadian Dollar
The USD and CAD can be traded 24×5, starting from the time markets open on Monday mornings in Sydney until they close on Fridays at 5 PM in New York. Exchange rates can fluctuate by the minute while markets are open. However, the period between 3-4 PM GMT is often a good time to convert US Dollars to Canadian Dollars because currency market liquidity and trading volume tend to be the highest during this time. Additionally, it's advisable to convert US Dollars to Canadian Dollars early in the week if you need CAD urgently.
International transfers
The Colony of British Columbia adopted the British Columbia dollar as its currency in 1865, at par with the Canadian dollar. When British Columbia joined Canada as its sixth province in 1871, the Canadian dollar replaced the British Columbia dollar. SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms.
USD = 1.36805 CAD
Save money when you send, spend and get paid in over 40+ currencies. See how much you can get when you convert your Canadian or foreign currency. Production was maintained through 1967 with the exception of the war years between 1939 and 1945.
