CAD to USD — Live Rate, Historical Chart & Converter

What drives the CAD to USD rate?

CAD to USD is one of the most distinctive currency pairs on this site because the Canadian Dollar — known as the "Loonie" after the loon bird on the one-Dollar coin — is a commodity currency tied to oil more tightly than almost any other major. Canada is the world's fourth-largest oil producer and the largest foreign supplier of crude to the United States. In our tracking, the CAD to USD rate has historically moved in lockstep with WTI crude oil prices — when oil falls 10%, the Loonie typically weakens by 1.5–2.5% against the Dollar within a week.

The oil correlation: why it matters

Roughly 75% of Canadian exports go to the United States, and a large share of those exports are crude oil and refined petroleum products. When oil prices rise, more Dollars flow into Canada to pay for that oil, increasing demand for the Loonie. The correlation is not perfect — interest rates and trade politics also matter — but oil is the single biggest swing factor. If you hold Canadian Dollars, watch WTI crude alongside the chart above.

Bank of Canada versus Federal Reserve

When the Bank of Canada raises rates faster than the Fed, the Loonie typically strengthens. When the Fed out-hikes the BoC, the Dollar gains. Because Canada and the US economies are tightly integrated, rate decisions are often synchronized — but when they diverge (as in 2022), the CAD to USD rate moves sharply.

Historical context for CAD to USD

• November 2007: CAD to USD briefly traded above 1.00 — the Loonie was worth more than the Dollar — on $100 oil and a strong commodity cycle.
• March 2020 (COVID crash): CAD to USD dropped to 0.69 as oil collapsed into negative territory and investors fled to Dollar safety.
• January 2002: CAD to USD hit a record low near 0.62 on weak commodity prices and Canadian fiscal concerns.
• 2014–2016 oil crash: CAD to USD fell from 0.93 to 0.68 as WTI dropped from $100 to $26.

Best time to convert CAD to USD

The tightest spreads on CAD to USD are available during the full New York trading session, 8:00 AM to 4:00 PM Eastern Time, when both the BoC and Fed are in the market and Canadian banks are most active. The Toronto and New York time zones overlap almost perfectly, which is why CAD/USD spreads are typically among the tightest in the world. For a concrete conversion example, read our 1000 CAD to USD conversion guide, or use the live CAD to USD converter at the top of this page.

How to get the best CAD to USD rate

• Use a multi-currency account (Wise, Questrade, Schwab) — spreads are typically 0.2–0.4% versus 1.5–2.5% at retail banks.
• Avoid airport and border-crossing exchange counters — their spreads routinely exceed 4%.
• For amounts above C$10,000, ask your bank's FX desk for a "spot quote" — they'll often match the interbank rate within 5 pips.
• Set a rate alert; the Loonie's 90-day range typically spans 2–4%.

The CAD to USD rate is highly sensitive to oil prices and BoC policy. Always verify the live rate before transacting.