The current interbank CAD to USD exchange rate is in the table above. It should move directionally with the market. The bank of Canada should also post the CAD to USD exchange rate regularly. Sometimes the rate is shown as 1 CAD = X USD, or it can be shown as 1 USD = X CAD.
Where to find the best CAD to USD exchange rate?
If you are looking for the best CAD to USD exchange rate, a lot of it will depend on if you are looking for physical cash of Canadian or US dollars or if you need it electronically converted.
Convert CAD to USD Exchange Physical Cash Currency can be found from your local bank. They will likely carry inventory of Canadian dollars or US dollars on hand. However, the exchange rate they will provide you will have a markup and is not the same as the interbank rate.
Convert CAD to USD Electronic delivery. If you need to buy a significant sum of US dollars or convert US dollars to Canadian dollars, you may want to consider a currency exchange specialist. You can call them up to see how their exchange rate compares to your bank.
CAD to USD Bank Rates
If you want to know your bank’s CAD to USD exchange rate, simply call your bank! They should be able to tell you the current rate. You want to compare this to the interbank rate to see the markup.
How often does the CAD to USD exchange rate change?
The currency markets are typically active 24 hours a day, 7 days a week, except maybe for Saturday at times. This means the CAD to USD exchange rate is changing every few seconds. The CAD to USD market exchange rate is market based.
Where to find the CAD to USD exchange rate?
You can look at the table above for the interbank rate. You can also visit the Bank of Canada website to see the rate they post daily.
Why is my bank CAD to USD exchange rate different than the interbank CAD to USD exchange rate?
If you have looked at the interbank rate for CAD to USD and then have gone to your bank to convert Canadian dollars to US dollars, you will notice the rates are not the same. This is because the bank adds a markup to their rate and this is how they make money. They buy it lower, add a markup and sell it higher. This is why the CAD to USD exchange rate is not the same at the bank and the rate shown on the internet or at the Bank of Canada website.