The buying rate of the US dollar as it relates to the Canadian dollar has a long history. You might need to exchange your US dollars for Canadian dollars, or you might prefer to exchange Canadian dollars for US dollars. At present, the Canadian dollar is worth about 75 US cents. The trends have changed over time, and you need to know what you are getting when you go into a bank or transfer office to exchange your cash.
The trends have changed between the US dollar and the Canadian dollar. If you go all the way back to the energy crisis in the 70s, the US dollar was worth around 75 Canadian cents. However, the US dollar rose steadily over the years to become much more valuable than the Canadian dollar. At one time in 2002, you could get about almost two Canadian dollars for every US dollar.
That rate plunged during the financial crisis that was brought about by a crash in the subprime loan market. The two currencies were practically even for quite a long time, and you would have needed to check the rates every day because they were constantly fluctuating.
The US dollar spiked as compared to the Canadian dollar when the Brexit votes first started to come in, and the price has steadied itself to allow for CAD 1.25 for every US dollar. However, this rate could change at any time. The rates for currencies shift with the markets, and current events or political changes could alter the price that you get.
Your an exchange your Canadian currency for US dollars at any bank, an exchange office in the airport, or a wire transfer office. You should check the daily rate because it could change at any time. Plus, you need to know the common exchange rate along with the rate that banks get when they trade currency.
As you search for a place to exchange your currency, you can check those rates online. Every bank posts their exchange rates, and you can determine how valuable the Canadian dollar is that day. Plus, you need to consider what your options are if you need to exchange some Canadian dollars for US dollars.
Millions of Canadians live close to a US border, and you might exchange money often because you are going back and forth over the border. You also need to know what the exchange rate is for US banks that you might visit when you go over the border. If the rates in US banks are not very good, you should exchange your money before you leave home.
The Canadian dollar could strengthen late in 2019 based on economic data that might be offered by the Canadian government. There are several different ways the dollar could go. If you are exchanging the Canadian dollar around the new year, you might get a better rate. However, the price of the Canadian dollar will drop if economic data is not as favorable the government and investors would like.
Exchanging your Canadian dollars for US dollars is a common thing, but you need to know the prices, the trends, and where to go. The Canadian dollar has been contending with the US dollar this year, but the price has not spiked yet. There have been times when the Canadian dollar was much more valuable, and that was due to Canadian prosperity. If the economy pi proves, you might get more US dollars in exchange for your Canadian dollars.
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