The Canadian dollar weakened against the US dollar through 2025, with the high pressure point in February–March 2025 at around 1.45 CAD per USD before settling. As of mid-May 2026, the rate sits closer to 1.37 CAD per USD — still favourable for anyone receiving USD into Canada. Snowbirds, freelancers paid in USD, and importers are the three groups who benefit most from understanding this exchange.
If you're moving more than $1,000 USD into CAD, your bank is almost certainly not the cheapest option. Canadian banks build a 2.5–3% margin into their conversion rate, on top of any flat fees. For comparison:
Wise: ~0.6% total cost (mid-market rate + small transparent fee) — see our Wise vs RBC breakdown
Norbert's Gambit: ~$20–$35 flat for amounts above $5,000 USD — see our step-by-step
The mid-market rate shown above is the midpoint between the buy and sell prices from global currency markets. We source data from the Bank of Canada and refresh it daily to keep it accurate.
This is the "true" exchange rate — the one you see on Google or Reuters. Banks and payment apps add their own markup on top of this rate, which is how they make money on currency conversions.
💡 Tip: The mid-market rate is the fairest benchmark. When comparing services, always ask what their rate is relative to the mid-market rate — not just the fees they advertise.
USD to CAD — Frequently Asked Questions
The live mid-market rate is shown at the top of this page and updated daily. The rate fluctuates based on economic data, Bank of Canada decisions, oil prices, and global market sentiment.
Volatility is typically lowest between 10 a.m. and noon ET on weekdays, after North American markets open and price discovery stabilizes. Avoid converting during major economic announcements (e.g. Bank of Canada rate decisions, US CPI releases).
Canadian banks (RBC, TD, BMO, Scotia) typically add 2%–4% on top of the mid-market rate, plus a flat wire fee up to CA$30. On a US$10,000 transfer, that's CA$200–400 in hidden spread alone. Fintech services like Wise typically charge 0.5%–1.0% total.
Yes, completely free. No account required, no ads injected into the conversion tool. The site is supported by occasional sponsored content and affiliate links, which are always clearly disclosed.
We use the Bank of Canada API, which sources exchange rates from the Bank of Canada. The Bank of Canada publishes rates on every business day.
No. Interac e-Transfer only supports Canadian dollars (CAD). You cannot send or receive US dollars through Interac. To transfer USD between Canadian accounts, you need a USD bank account at a major bank (RBC, TD, Scotiabank) or use a service like Wise, which provides real USD account numbers for Canadian residents.
The best options are: (1) A USD savings account at EQ Bank — no monthly fee, earns interest; (2) A USD chequing account at RBC or Scotiabank for cross-border transactions; or (3) A Wise multi-currency account if you also need to convert frequently at the best rates.
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