Bank of Canada building

Bank of Canada Historical Exchange Rates

The Bank of Canada (Banque du Canada) is Canada’s central bank and the sole authority permitted under the Bank Act to issue Canadian banknotes and formulate monetary policies in the Great White North.

As part of its responsibilities, the Bank of Canada promotes the country’s economic and financial welfare by ensuring that inflation is stable, low, and predictable.

The Bank of Canada is a bankers’ bank and is actively involved in the foreign currency exchange market. The bank issues daily (noon and closing) rates, monthly rates, and annual exchange rates are obtained from the averages of aggregated quotes from financial institutions.

CEER vs. CERI        

Using a methodology based on the current international best practices, the Bank of Canada scrapped the Canadian Exchange Rate Index (CERI). It replaced it with the Canadian Effective Exchange Rate (CEER) index. The bank publishes daily data for the CEER index to incorporate its bilateral exchange rates with its significant trading partners.

The CEER provides an accurate measure of Canada’s international competitiveness. It shows how the Canadian economy’s exchange rate affects its competitors in the global financial and trade markets.

Before adopting the Canadian Effective Exchange Rate (CEER) index, the Bank of Canada published the Canadian-Dollar Effective Exchange Rate Index (CERI) from 2006 till 2017. The CEER publication came into effect in January 2018 to address the drawbacks of the CERI.

The CEER is the average (weighted) of the Canadian dollar’s bilateral exchange rates against Canada’s major trading partners’ currencies. These major trading partners account for at least 0.5% of Canada’s non-oil exports and imports.

The Implication of the CEER Increase and Decrease on Canada’s Economy

An increasing Canadian Effective Exchange Rate (CEER) index makes imported products less expensive and price-competitive against local goods. The increase of the CEER index makes Canadian exports more expensive in foreign markets.

Similarly, when the Canadian dollar depreciates, it positively affects the Canadian products, such that the products are more attractive, affordable, and price-appealing in the international market.

CEER Trends and the Canadian Dollar

The value (exchange rate) of the Canadian dollar is often susceptible to crude oil and other commodities’ global price movement. Similarly, the Canadian dollar shares strong ties with the US dollar and the United States economy. This is because the United States is Canada’s biggest trading partner.

As a result, the Canadian dollar (CAD) has a fluctuating rate. Whenever there’s a decline in the price of oil, it’s expected that there will be an overall depreciation of the Canadian dollar.

How the Exchange Rate Works

The Canadian dollar is a floating currency. The value or exchange rate of the Canadian dollar is determined by several factors, including the foreign exchange market. One of such determinants is the demand and supply of the currency. The Canadian dollar rises and falls according to its buy and sell order in the forex market.

Some of the factors that affect the rise and fall of the Canadian dollar include:

  • The demand for Canadian goods and services – the higher the demand, the higher the value of the CAD.
  • The strength of the Canadian economy compared to other country’s economy.
  • The interest rate and inflation rate relative to other countries.
  • The demand for Canadian stocks, bonds, ETFs, and other financial securities.

Bank of Canada Foreign Exchange Rates

The Bank of Canada publishes a set of daily average exchange rates for Canada’s major trading partners and global trading currencies, using the mid-market quotes for each currency pair.

The apex bank publishes the daily, monthly, and annual averages of each currency, as well as the Canadian-dollar Effective Exchange Rates (CEER)

Available Currencies

The following are the top global trading currencies relative to the Canadian dollar:

  • Australian dollar (AUD)
  • Brazilian real (BRL)
  • Chinese renminbi (CNY)
  • European euro (EUR)
  • Hong Kong dollar (HKD)
  • Indian rupee (INR)
  • Indonesian rupiah (IDR)
  • Japanese yen (JPY)
  • Mexican peso (MXN)
  • New Zealand dollar (NZD)
  • Norwegian krone (NOK)
  • Peruvian new sol (PEN)
  • Russian ruble (RUB)
  • Saudi riyal (SAR)
  • Singapore dollar (SGD)
  • South African rand (ZAR)
  • South Korean won (KRW)
  • Swedish krona (SEK)
  • Swiss franc (CHF)
  • Taiwanese dollar (TWD)
  • Turkish lira (TRY)
  • UK pound sterling (GBP)
  • US dollar (USD)

Annual Exchange Rates

The Bank of Canada publishes the annual average exchange rates by 12:30 ET on the last business day of every year using the CEER index. These rates are expressed as a single unit of the foreign currency converted into Canadian dollars.

Currency 2017 2018 2019 2020
Australian dollar 0.9951 0.9687 0.9228 0.9247
Brazilian real 0.4071 0.3566 0.3371 0.2625
Chinese renminbi 0.1921 0.1961 0.1922 0.1944
European euro 1.4650 1.5302 1.4856 1.5298
Hong Kong dollar 0.1667 0.1653 0.1693 0.1730
Indian rupee 0.01995 0.01897 0.01885 0.01810
Indonesian rupiah 0.000097 0.000091 0.000094 0.000092
Japanese yen 0.01158 0.01174 0.01217 0.01257
Malaysian ringgit 0.3020 0.3213 0.3203
Mexican peso 0.06884 0.06744 0.06894 0.06267
New Zealand dollar 0.9229 0.8973 0.8747 0.8712
Norwegian krone 0.1570 0.1594 0.1509 0.1427
Peruvian new sol 0.3982 0.3943 0.3977 0.3842
Russian ruble 0.02228 0.02071 0.02051 0.01863
Saudi riyal 0.3463 0.3455 0.3538 0.3575
Singapore dollar 0.9404 0.9607 0.9728 0.9722
South African rand 0.09767 0.09844 0.09194 0.08181
South Korean won 0.001149 0.001178 0.001139 0.001137
Swedish krona 0.1520 0.1492 0.1404 0.1459
Swiss franc 1.3189 1.3246 1.3352 1.4294
Taiwanese dollar 0.04269 0.04299 0.04294 0.04553
Thai baht 0.03827 0.04011 0.04274
Turkish lira 0.3565 0.2759 0.2340 0.1930
UK pound sterling 1.6720 1.7299 1.6945 1.7199
US dollar 1.2986 1.2957 1.3269 1.3415
Vietnamese dong 0.000057 0.000056 0.000057

Historical Exchange Rates

Historical exchange rates are foreign currency exchange rates showing the performance index of a currency’s trade history in the forex market. It helps forex traders and investors to understand the price movement of a given currency pair.

The Bank of Canada publishes the historical noon and closing rates, monthly average rates, and the annual average rates of each featured currency relative to the Canadian dollars.

Note:

  • The annual average exchange rates are published on the last business day of every year by 12:30 ET.
  • The monthly average exchange rates are published on the last business day of every month by 16:30 ET.
  • The daily average exchange rates are published once each business day by 16:30 ET.

Historical Annual Exchange Rate

Type of currency 2012 2013 2014 2015 2016
Australian dollar 1.0353 0.9966 0.9963 0.9604 0.9852
Brazilian real 0.5141 0.479 0.4704 0.3883 0.3817
Chinese renminbi 0.1584 0.1675 0.1793 0.2034 0.1995
European Euro 1.285 1.3681 1.4671 1.4182 1.466
Hong Kong dollar 0.128861 0.132779 0.142425 0.16494 0.170665
Indian rupee 0.01877 0.01766 0.0181 0.01994
Indonesian rupiah 0.000107 0.000099 0.000093 0.000095 0.0001
Japanese yen 0.01254 0.01057 0.01046 0.01056 0.01221
Malaysian ringgit 0.3238 0.3271 0.3376 0.3284 0.3201
Mexican peso 0.07602 0.08073 0.08304 0.08063 0.0711
New Zealand dollar 0.8098 0.8448 0.917 0.8933 0.9233
Norwegian krone 0.1718 0.1753 0.1757 0.1585 0.1578
Peruvian new sol 0.3789 0.3814 0.3892 0.4015 0.3926
Russian ruble 0.03222 0.03234 0.02921 0.02104 0.01984
Singapore dollar 0.8001 0.8232 0.8717 0.9298 0.9596
South African rand 0.1221 0.107 0.1018 0.1005 0.09037
South Korean won 0.000887 0.000941 0.001049 0.001129 0.001142
Swedish krona 0.1476 0.1581 0.1614 0.1516 0.155
Swiss franc 1.0662 1.1117 1.2078 1.3286 1.345
Taiwanese new dollar 0.0338 0.0347 0.03644 0.04025 0.04109
Thai baht 0.03217 0.03356 0.03401 0.03734 0.03755
Turkish lira 0.5554 0.5419 0.5051 0.4706 0.4397
U.K. pound sterling 1.583994021.6112656 1.8190312 1.953984 1.7962116
U.S. dollar (noon) 0.99958008 1.0299148 1.1044664 1.2787108 1.3248064
Vietnamese dong 0.000048 0.000049 0.000052 0.000058 0.000059

Historical Monthly Exchange Rate

Type of currency Jan 2017 Feb 2017 Mar 2017 Apr 2017
Australian dollar, monthly average 0.9854 1.0045 1.0204 1.0121
Brazilian real, monthly average 0.4133 0.4221 0.428 0.4283
Chinese renminbi, monthly average 0.1914 0.1907 0.1941 0.1951
European euro, monthly average 1.4028 1.3951 1.4307 1.4406
Hong Kong dollar, monthly average 0.170121 0.168913 0.172369 0.172883
Indian rupee, monthly average 0.01938 0.01957 0.02034 0.02082
Indonesian rupiah, monthly average 0.000099 0.000098 0.0001 0.000101
Japanese yen, monthly average 0.01149 0.0116 0.01186 0.0122
Malaysian ringgit, monthly average (Terminated) 0.2961 0.2951 0.3017 0.3052
Mexican peso, monthly average 0.06165 0.06462 0.06942 0.07161
New Zealand dollar, monthly average 0.9408 0.9472 0.9377 0.9364
Norwegian krone, monthly average 0.1559 0.1574 0.1573 0.1565
Peruvian new sol, monthly average 0.3951 0.402 0.4101 0.4138
Russian ruble, monthly average 0.02207 0.02244 0.02313 0.02378
Saudi riyal, monthly average 0.3518 0.3495 0.3569 0.3584
Singapore dollar, monthly average 0.9241 0.9269 0.9527 0.961
South African rand, monthly average 0.09731 0.09937 0.10358 0.0999
South Korean won, monthly average 0.001118 0.001148 0.001181 0.001184
Swedish krona, monthly average 0.1475 0.1472 0.1501 0.1501
Swiss franc, monthly average 1.3093 1.3087 1.3362 1.3431
Taiwanese dollar, monthly average 0.04168 0.04247 0.04369 0.04424
Thai baht, monthly average (Terminated) 0.037230.037440.038390.03899
Turkish lira, monthly average 0.3512 0.3577 0.3646 0.3681
U.K. pound sterling, monthly average 1.6289 1.6367 1.6524 1.6994
U.S. dollar, monthly average 1.3193 1.3107 1.3386 1.344
Vietnamese dong, monthly average (Terminated) 0.000058
0.000058
0.000059 0.000059
Index, 1992=100 Index, 1992=100
Canadian-Dollar Effective Exchange Rate Index (CERI), monthly average 96.72373 97.08478 94.9308 94.32369

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