Canadian Dollar Rates
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Latest Canadian Dollar Rates
Please see our latest exchange rates page for the most up-to-date mid-market rate.
Recent Trading Range
In 2011, the Canadian Dollar traded between 1.5302 and 1.6350 against the Pound.
Latest Canadian Dollar Exchange Rate News
Please see our news section for the latest currency news affecting worldwide exchange rates. You can also visit our dedicated page on Canadian Money Transfers, including timescales and information needed to make your transfer.
Overview - CAD
As part of the British empire Canada had the Canadian pound in 1841 which was equal to 4 USD, making one pound sterling equal to 1 pound, 4 shillings, and 4 pence Canadian. Over many years there was indecision over whether to adopt a sterling based currency in line with the British empire or a decimal based currency which was more in line with trading with Canada’s neighbour, the USA. In 1871 the Canadian parliament pulled all provinces together under one single currency, the Canadian Dollar.
Canadian English, like American English, uses the slang term "buck" for a dollar. The Canadian origin of this term derives from a coin struck by the Hudson Bay Company during the 17th century with a value equal to the pelt of a male beaver – a "buck". Because of the appearance of the common loon on the back of the Canadian dollar coin that replaced the dollar bill in 1987, the word "loonie" was adopted in Canadian parlance to distinguish the Canadian dollar coin from the dollar bill and is widely used in foreign exchange terms as the slang name for the Canadian dollar.
The Canadian dollar exchange rate is strongly influenced by the price of crude oil, as Canada is one of the biggest exporters to the US, so any upward trend in the price of crude often makes the Canadian dollar stronger.