Canadian Dollar to US Dollar

About the Canadian Dollar (CAD) to US Dollar (USD)

The Canadian dollar (CAD) and the US dollar (USD) are two of the world's most traded currency pairs. As neighbouring economies with deep trade ties, the CAD/USD exchange rate fluctuates daily based on oil prices, interest rate decisions by the Bank of Canada and the US Federal Reserve, and broader economic conditions.

What affects the CAD to USD rate?

• Oil prices: Canada is a major oil exporter, so the Canadian dollar often rises and falls with crude prices.
• Interest rates: When the Bank of Canada raises rates relative to the Fed, the CAD tends to strengthen.
• Trade balance: A strong export sector supports a stronger Canadian dollar.
• Risk appetite: In times of global uncertainty, investors often move to USD, weakening CAD.

Best ways to convert Canadian dollars to US dollars

Not all conversion methods are equal. Here's how the main options compare:

• Wise (TransferWise): Mid-market rate + ~0.6% fee. Best for most Canadians.
• Canadian banks (RBC, TD, BMO, Scotia): Add 2–4% above mid-market rate. Convenient but costly.
• PayPal: 3.5% markup. Avoid for large amounts.
• Airport kiosks: Up to 10% markup. Only for emergencies.

→ Read our full guide: Best way to convert CAD to USD in Canada (2026)