The value of the Canadian dollar is determined in the foreign exchange market. There is no pre-established value, instead the market influences the changes in Canada’s currency exchange. The Bank of Canada calculates and maintains exchange rates data for current and historical periods. The main uses for the official exchange rates are for currency research and analysis.

These rates are also accepted by Canada Revenue Agency. Commercial rates are generally used as the basis for business transactions; these may be different from the Bank’s rates. This article presents tips on how to use the Bank of Canada and commercial exchange rate tools for the Canadian dollar.

Canadian Dollar Effective Exchange Rate: 6 Currencies Basket

Canada’s currency effective exchange rate also known as “CERI” is an index of the exchange rates for the Canadian dollar versus the currencies of six other countries. These countries represent Canada’s largest import/export partners.