ZAR/CAD: what to know
The ZAR/CAD rate shows how much CAD you get for 1 ZAR. Right now, 1 ZAR buys 0.0861 CAD at the mid-market rate. In the other direction, 1 CAD is worth 11.6087 ZAR.
In the short term ZAR is driven mainly by commodity prices and risk appetite, while CAD responds to oil prices and the US economy.
The South African Rand (ZAR) is issued by South African Reserve Bank. The rand is named after the Witwatersrand ridge, where gold was discovered. 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 ZAR/CAD rate has ranged between 0.0791 and 0.0878 — a change of +7.01% 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.