USD/CAD: what to know
The USD/CAD rate shows how much CAD you get for 1 USD. Right now, 1 USD buys 1.4256 CAD at the mid-market rate. In the other direction, 1 CAD is worth 0.7015 USD.
In the short term USD is driven mainly by Fed policy, US growth and global risk appetite, while CAD responds to oil prices and the US economy.
The US Dollar (USD) is issued by Federal Reserve (Fed). Most of the world’s central-bank reserves are held in US dollars. 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”.
Over the past 12 months the USD/CAD rate has ranged between 1.3524 and 1.4264 — a change of +1.95% 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.