What is the Canadian Foreign Exchange Rate?
The rates posted above are called interbank rates and are not typically buy or sell rates available to the public. The exchange rate is essentially the value of a Canadian Dollar for one US dollar.
The Canadian dollar exchange rate can be influenced by a number of factors such as: interest rates, employment rate, GDP data, Bank of Canada policy, supply and demand, political stability, banking stability, commodity prices, and other factors.
As the Canadian dollar depreciates in value, this makes our goods and services cheaper for anyone outside of Canada using another currency. If the Canadian dollar appreciates in value, this makes our goods and services more expensive. Likewise, if the Canadian dollar appreciates in value, this allows Canadians to buy things in other countries for cheaper.
Canada has a market based exchange rate for the Canadian dollar (as it claims). The Bank of Canada tries to control the level of inflation but not the market exchange rate for the USD/CAD. The exchange rate floats, which means it is determined by the market of buyers and sellers.
Canadian Dollar Forecast
Below are some links to the Canadian dollar forecast by the Canadian financial institutions. The financial institutions update their forecasts regularly, so you need to check regularly to see their latest update.
Scotia Bank Canadian Dollar Forecast
RBC Canadian Dollar Forecast
TD Bank Canadian Dollar Forecast
BMO Canadian Dollar Forecast
CIBC Canadian Dollar Forecast
National Bank Canadian Dollar Forecast
Desjardins Canadian Dollar Forecast
Knightsbridge Foreign Exchange
See below for Canadian foreign exchange rates from the Bank of Canada over the last 10 years
The monthly turnover in October of traditional foreign exchange products (defined as spot transactions, outright forwards and foreign exchange swaps) totaled over US$ 1.1 trillion. On an average daily basis, total turnover declined by 14.8% to US$ 52.3 billion in October 2013 from US$ 61.4 billion in April 2013. (http://www.cfec.ca/files/announcement_pressrelease_oct2013.pdf)