CAD/ZAR: what to know
The CAD/ZAR rate shows how much ZAR you get for 1 CAD. Right now, 1 CAD buys 11.6087 ZAR at the mid-market rate. In the other direction, 1 ZAR is worth 0.0861 CAD.
In the short term CAD is driven mainly by oil prices and the US economy, while ZAR responds to commodity prices and risk appetite.
The Canadian Dollar (CAD) is issued by Bank of Canada. The C$1 coin is the “loonie” (after the loon bird) and the C$2 is the “toonie”. The South African Rand (ZAR) is issued by South African Reserve Bank. The rand is named after the Witwatersrand ridge, where gold was discovered.
Over the past 12 months the CAD/ZAR rate has ranged between 11.3920 and 12.6408 — a change of -6.55% versus a year ago.
Use this mid-market figure as your benchmark: compare it with the rate your bank or broker quotes, and the difference is the margin you would pay.