CAD to USD: Canadian Dollar to US Dollar Online

Converting currencies such as CAD to USD could be an intricate job. However, if you are planning a trip to a foreign country, then you must know how similar or different their currency is to yours. This will help you in planning your expenditure and other things accordingly.

Don’t scratch your head in case you are already doing it because we are going to introduce the easiest formula to convert CAD to USD. Besides, we have covered a few examples to make the conversion process fairly simple for you.

So, without any further ado, let’s start with the concept of CAD.

Overview of CAD(Canadian Dollar)

CAD is the currency symbol or the currency abbreviation which is used to denote the Canadian Dollar. One Canadian Dollar is 100 cents. It is described as C$ to differentiate it from the other currencies, which are dominated by Dollars like the US Dollar. The French name for CAD is Dollar Canadian.

The Canadian Dollar shares a total of 2% of all the global reserves and is the 5th most kept reserve currency, just behind the US Dollar, the Euro, the Yen and the Pound Sterling. The Central Banks consider CAD a reliable currency because of its strong position as Sovereign, economic soundness and stability of its political, legal and economic systems. 

History of CAD(Canadian Dollar)

The province of Canada adopted the Canadian Pound in 1841, and the 1851 pound sterling was introduced. The gold standard was introduced in Canada in 1853, and the decimal coinage was introduced in 1858. The Canadian Dollars were first used in 1858 after the Canadian Pound was replaced by the official Canadian coins. The Canadian Dollar was fixed as per the US Dollar at par with the gold standard system of one Dollar equivalent to 23.22 grains of gold. 

The Uniform Currency Act was passed in 1871, which replaced the various currencies in the province with one Canadian Dollar. CAD was first introduced to float in 1950. It was pegged again for a short period from 1962 to 1970. After 1970 the Canadian Dollar became a floating currency.

Overview of USD(US Dollar)

The USD, known as the United States Dollar, is the official currency of the United States of America. It is equal to 100 cents and is represented by the symbol US$ or simply $. However, US$ could be more reliable as it can easily differentiate itself from other Dollar currencies.

The United States Dollar is known as the benchmark currency and is the most popularly used currency across the globe.

Additionally, it is considered as the official currency in various territories outside of the United States, whereas several others use it alongside their own as an unofficial currency.

History of USD(US Dollar)

The Dollar was officially adopted as the United State’s monetary unit in 1785. Prior to that, it was launched at par with the Spanish-American Silver Dollar (also known as Spanish peso). The Spanish-American Silver Dollar was produced from the rich silver mine output of Spanish America, minted in Mexico City, Potosí (Bolivia), Lima (Peru) and elsewhere. 

CAD to USD Forecast

Given below is the CAD to USD forecast until December 2023.

Convert CAD to USD

Before you jump into converting CAD to USD, you must know the relation between the two. The relationship between them can be expressed as follows:

1 CAD = 0.80 USD, and

1 USD = 1.25 CAD

Now that we know how these currencies are related, we can now easily move on to the conversion process. 

Converting CAD to USD is fairly effortless and straightforward. All you need to do is multiply the value of CAD by 0.80. And Voila! You are done. The value that you will receive will be in USD.

The formula for converting CAD to USD can be expressed as follows:

USD = value of CAD x 0.80

We can use this formula for the conversion of CAD to USD. Let us understand the process better with the help of a few examples. 

Example 1: Convert 1000 CAD to USD

Sol: Putting the value of CAD in the above formula, we will get-

USD = 1000 x 0.80 = 800

Hence, 1000 CAD will be equivalent to 800 USD

Example 2: Convert 500 CAD to USD

Sol: Following the same process as above, we will get-

USD = 500 x 0.80 = 400.

Hence, 500 CAD is equivalent to 400 USD

Example 3: Convert 200 CAD to USD

Sol: 200 CAD in USD will be,

USD = 200 x 0.80 = 160

Hence, 200 CAD is equivalent to 160 USD

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Example 4: Convert 300 CAD to USD

Sol: Putting the value of CAD in the formula above, we will get

USD = 300 x 0.80 = 240 

Therefore, 300 CAD is equal to 240 USD. 

CAD vs USD

While both might have Dollars in their name, the currencies differ from each other in a few aspects. Some of them are as follows:

CAD to USD Conversion Chart

FAQ’s about CAD to USD Conversion