Exchange Rate in Canada
The Canadian dollar's exchange rate has depreciated overall in the last decade, but has seen substantial volatility in response to fluctuations in global oil prices (oil is Canada's key merchandise export), interest rates and domestic economic conditions. Depreciation in 2024 was particularly marked, due to fears of U.S. tariffs and the Bank of Canada's more aggressive rate cut cycle compared to the Fed.
The exchange rate ended 2022 at CAD 1.35 per USD, compared to the end-2021 value of CAD 1.26 per USD and the figure a decade earlier of CAD 1.06 per USD. For more exchange rate information, visit our dedicated page.
Canada Exchange Rate Chart
Note: This chart displays Exchange Rate (vs USD) for Canada from 2014 to 2024.
Source: Macrobond.
Canada Exchange Rate Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Exchange Rate (CAD per USD, eop) | 1.27 | 1.26 | 1.35 | 1.32 | 1.44 |
| Exchange Rate (CAD per USD, aop) | 1.34 | 1.25 | 1.30 | 1.35 | 1.37 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Canadian exchange rate projections for the next ten years from a panel of 27 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable exchange rate forecast available for Canadian exchange rate.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Canadian exchange rate projections.
Want to get access to the full dataset of Canadian exchange rate forecasts? Send an email to info@focus-economics.com.