Currency · CAD · C$

Exchange rate
of the Canadian dollar (CAD)

The Canadian dollar is the official currency of Canada, a major reserve currency nicknamed the "Loonie". Convert it at the real interbank rate, in real time, with a transparent margin from 0.40%.

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CADISO code · C$
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The Canadian dollar at a glance

The essentials about the Canadian dollar (CAD)

The key facts about the "Loonie", a commodity-linked currency, and how to convert it at the fair rate.

ISO code CAD, symbol C$

The official currency of Canada, also written $, Can$ or CA$, and nicknamed the "Loonie".

Managed by the BoC

The Bank of Canada conducts monetary policy with an inflation target of 1% to 3%.

A "commodity" currency

A major reserve currency, strongly correlated with oil and exported commodities.

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A sliding, transparent margin applied to the real rate, with no hidden fees.

Our experts' analysis

The Canadian dollar, a currency
linked to commodities.

The Canadian dollar (CAD), often nicknamed the "Loonie" in reference to the loon engraved on the one-dollar coin, belongs to the club of the world's most traded currencies and holds the status of a major reserve currency. Its distinctive feature : it is a commodity currency (linked to raw materials).

With Canada holding vast reserves of crude oil as well as extensive forestry and mining resources, its economy is heavily export-oriented, mainly towards the United States. On the Forex market, the correlation between the CAD and energy prices is very close : keeping an eye on the oil market helps to anticipate its movements.

CAD key facts
ISO codeCAD · C$
Central bankBoC
Area of useCanada
StatusCommodity currency
Monetary policy

The BoC's policy towards the Loonie

The Bank of Canada (BoC) is the institution responsible for the country's monetary policy. Its central objective is to keep inflation low and predictable, with a historic target set between 1% and 3%, while fostering economic prosperity and a high level of employment.

To achieve this, the BoC relies on two main instruments :

The policy rate

The target for the overnight rate, the BoC's main tool. Faced with high inflation, it raises its rates, which tends to support the CAD ; a cut stimulates credit but can weaken the currency.

Quantitative easing (QE)

During major crises, such as the 2020 pandemic, the BoC can buy government bonds on a large scale to inject liquidity, a measure that tends to weigh on the CAD.

The Bank of Canada's rate announcements, on fixed dates eight times a year, are eagerly awaited by the markets because of their immediate impact on the Canadian dollar exchange rate.

History of the Canadian dollar

Key dates of the CAD

1858

Adoption of the Canadian dollar

The Province of Canada abandons the pound sterling system in favour of a decimal system pegged to the dollar, making trade with its southern neighbour easier.

1935

Creation of the Bank of Canada

In the wake of the Great Depression, the Bank of Canada (BoC) opens its doors to manage the money supply and credit, and to ensure financial stability.

1970

Floating of the currency

Canada abandons the fixed exchange rate pegged to the US dollar and lets the CAD float according to global supply and demand.

2007

Historic parity with the US dollar

Driven by the rise in the oil price and the weakening of the USD, the Canadian dollar reaches parity with the US dollar, even briefly surpassing it.

2014-2015

The impact of the oil crash

The sharp fall in world oil prices hits the Canadian economy and leads to a marked depreciation of the CAD on the foreign exchange market.

2020

COVID-19 crisis and QE

Faced with the pandemic shock, the BoC lowers its policy rate close to zero and launches its first large-scale quantitative easing programme to stabilise the economy.

2022-2023

Post-pandemic monetary tightening

To curb a historic inflationary surge, the BoC carries out a series of aggressive rate hikes, which helps to support the CAD.

Today's rates

Our rates for the Canadian dollar (CAD)

Indicative value for 1 unit, ibani margin included. Click a pair for its detail and history.

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Frequently asked questions

Frequently asked questions about the Canadian dollar (CAD)

Always compare the rate offered with the real interbank (mid-market) rate. A specialised online exchange service like ibani starts from this real rate and only adds a transparent margin from 0.40%, with no hidden fees, whereas a bank often applies a much wider spread. Compare with our rate comparator.

The Canadian dollar is managed by the Bank of Canada (BoC), which conducts the country's monetary policy with an inflation target between 1% and 3%. Its policy rate announcements, on fixed dates eight times a year, directly influence the value of the CAD against other currencies.

The CAD is a commodity currency, strongly correlated with the price of crude oil, of which Canada is a major exporter. Decisions by the Bank of Canada (BoC) and the country's strong economic dependence on the United States also influence its movements.

With ibani, you can convert the Swiss franc (CHF), the euro (EUR), the US dollar (USD) and the pound sterling (GBP) to the Canadian dollar (CAD), at the real interbank rate and with a transparent margin from 0.40%.

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