Will You Get A Better Deal When You Order Canadian $ With FairFX?
A Short Account of the Canadian Dollar’s Past
The Canadian dollar, otherwise known as the CAD, was established in 1817 and was printed in the Bank of Montreal. However, the currency was not the legal tender country-wide until 1858, when it was employed to depart from the traditional sterling pound system, a move which made sense at the time due to the popularity of the Spanish dollar on the continent. Another big factor in doing this was the American dollar bill, due to Canada’s closeness and interaction between the two countries. The bills and coins used by Canada were constructed to appear very similar to those in use within the US, though each featured different landmarks and historical figures from those known in the US. Canadian coins are also similarly ordered to those within the US, at one, five, ten and twenty-five cents. They are made to be the same size and of the same material as US currency, although most often Canadian currency is not accepted as a form of payment in the US.
Canadian Dollar To British Pound Sterling Conversion Rates Over History
The British pound sterling has seen favorable exchange rates to the Canadian dollar, probably due to the backing of the money, through most of the dollar’s history. Sterling has been known to be a more steady choice to backing money, therefore the pound has had more success then the CAD which is backed by gold. Due to the similarities enjoyed between the CAD and the USD, there has often been a strong correlation between the exchange rate for the two currencies. The worst historical exchange rate for the CAD arrived in 1948, when the Canadian dollar exchanged for only .25 GBP to CAD. Since this historical trough, the CAD has been able to stay somewhat steadily between .33 GBP to CAD and .5 GBP to CAD; the high point for the Canadian dollar came in 1984 at a rate of .58 GBP to CAD. The most consistently ideal exchange rates for the CAD occurred from the late ’70s through the early ’90s, but these rats have since fallen off.
Recent Exchange Rates for the GBP to CAD
The exchange rate for the Canadian dollar has been pretty safe for the last decade, hovering around .44 GBP to CAD. The numbers are beginning to resemble those of the early 70s when the currency was starting to fare better, which begs the question of whether or not the CAD is heading in a downward trend. The best time for the Canadian dollar in recent years was in 2006 when the exchange rate was at .48 GBP to CAD. The worst time was in 1999 when rates hit .42 GBP to CAD. The consensus moving forward seems to be that the exchange rates will remain somewhat flat or even decline in the near future, obviously being affected by what the economic climate of the period is.