The lowdown on the Canadian dollar
Economical Influences on the Canadian Dollar Exchange Rate
The CAD has been around since 1853; making the Canadian dollar one of the oldest currencies in the world. It sometimes gets called a petro currency which means that - because Canada produces oil - the Canadian dollar is worth more when the price of oil increases and less when it declines.
If you hear a Canadian say something about a ‘loonie’, don’t get offended. It’s their nickname for the one dollar coin, because it has a loon – the national bird of Canada – on one side. Then there’s the two dollar bill, known as a ‘toonie’ which has a polar bear on it. Canada’s incredible wildlife, like the caribou and the beaver, also make appearances on other coins too.
Canadian dollar Historical Market Exchange Rate
The past 5 years has seen the NZD strengthened against the CAD compared to the previous 5 years; on 31 January 2009 1 NZ dollar was converting to 0.62396 Canadian cents, while the NZD to CAD exchange rate hit 1 NZD to 0.98222 Canadian cents on 6 November 2016.1
On 4 October 2014 the NZD was equating to around 0.87 CAD. Fast forward a few months later on 28 March 2015, the NZ dollar was converting to 0.95516 CAD.1
Fluctuating over the following months, by 10 September 2015 1 NZD was exchanging to 0.83213 CAD, however a little over a year later on 4 November 2016 that figure had restored back to 0.98176 CAD per NZD.1
2018 has been less stable for the New Zealand to Canadian dollar exchange rate; with 1 NZD exchanging to around 0.83 CAD in early October, and around 0.91 CAD as of end of December 2018.1
Learn more about the CAD before you travel to Canada and create a currency rate alert so we can notify you when it hits the rate you want.
1. XE - https://www.xe.com/currencycharts/?from=NZD&to=CAD&view=5Y. Based on mid-market rates.
*The information contained in this article has been compiled by Travelex from different different external sources. The figures provided are indicative only and are there to provide an idea of the amount of travel money you may need during your trip. Travelex does not ensure the accuracy and completeness of the information shown. Nothing in this article is to be considered financial advice. Travelex Limited does not accept any liability for any loss or damage derived from any reliance on the information in this article. Travelex NZ Limted arranges for and sells Online Foreign Currency via its Online Ordering Facility. You should consider the Online Foreign Currency Product Disclosure Statement and Terms and Conditions before deciding whether to acquire the product.