Convert Canadian Dollar To Us Dollar As Of Date
Introduction
As of the current date, the Canadian dollar to US dollar exchange rate is an important factor for those who are travelling to the United States or for those who are doing business with US-based companies. The exchange rate determines how much Canadian dollars one needs to spend in order to purchase a certain amount of US dollars. In this article, we will discuss the current exchange rate and how it has been fluctuating over time.
What is an Exchange Rate?
An exchange rate is the value of one country's currency expressed in terms of another country's currency. In other words, it is the price of one currency in terms of another currency. Exchange rates fluctuate constantly due to changes in supply and demand, interest rates, inflation, and political stability.
Current Canadian Dollar to US Dollar Exchange Rate
As of the current date, the Canadian dollar to US dollar exchange rate is 0.79. This means that one US dollar is worth 0.79 Canadian dollars. The exchange rate has been fluctuating between 0.74 and 0.83 over the past year.
Factors Affecting the Exchange Rate
There are various factors that affect the exchange rate between the Canadian dollar and the US dollar. Some of the key factors include:
- Interest rates
- Inflation
- Political stability
- Trade balance
Historical Exchange Rates
The Canadian dollar to US dollar exchange rate has been fluctuating over time. In 2011, the exchange rate was around 1.04, meaning that one US dollar was worth 1.04 Canadian dollars. However, the exchange rate started to decline in 2013 and reached a low of 0.68 in 2016. Since then, the exchange rate has been fluctuating between 0.74 and 0.83.
How to Convert Canadian Dollar to US Dollar
If you need to convert Canadian dollars to US dollars, you can do so using various methods. Some of the common methods include:
- Using a bank or currency exchange service
- Using an online currency converter
- Using a credit card that has no foreign transaction fees
Conclusion
The Canadian dollar to US dollar exchange rate is an important factor for those who are travelling to the United States or for those who are doing business with US-based companies. The exchange rate fluctuates constantly due to various factors such as interest rates, inflation, political stability, and trade balance. If you need to convert Canadian dollars to US dollars, you can do so using various methods such as using a bank or currency exchange service, using an online currency converter, or using a credit card that has no foreign transaction fees.