Do you know that a considerable amount of money is sent from Canada to Australia and the other way around regularly? In 2016, in excess of U.S. $100 million made its way from Canada to Australia as remittances. In the same year, around U.S. $47 million was sent in the opposite direction. In 2017, bilateral trade of merchandise between both countries accounted for around C$3.9 billion.
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The Canadian Dollar
Canada adopted the Canadian dollar as its official currency in 1858. The currency is often referred to as the loonie in the forex market. It gets its nickname from the picture of the loon, a bird, which is found on the country’s one dollar coin. Other than Canada, use of the Canadian dollar is seen in Saint Pierre and Miquelon.
The Canadian dollar has moved away from the gold standard twice – at first during World War I, and then in 1933. The country adopted the floating rate system in 1950. The Canadian dollar was then pegged to the U.S. dollar in 1962, and it got back to the floating system in 1970.
In April 2016, the international forex market turnover share of the Canadian dollar was more than 5%, which made it the sixth most heavily traded currency globally.
|Currency symbol||$, C$|
|Nicknames||Loonie, huard in French|
|Bank notes||$5, $10, $20, $50, $100|
|Coins||1c, 5c, 10c, 25c, 50c, $1, $2|
Australia used the Australian pound as legal tender till 1966, and it was divided into shillings and pence. The pound was replaced by the decimalized Australian dollar, which comprised of 100 cents. The country, in an attempt to thwart counterfeiting, has been using polymer banknotes since 1988.
Outside of Australia, the Australian dollar is also used in Papua New Guinea, Vanuatu, Tonga, Kiribati, Tuvalu, and Nauru.
When the Australian dollar was first introduced, its value was pegged to the pound sterling. The peg switched to the U.S. dollar in 1973.
The Australian dollar’s share in the international forex market turnover was almost 7% in April 2016, which made it the fifth most heavily traded currency in the world.
|Bank notes||$5, $10, $20, $50, $100|
|Coins||5c, 10c, 25c, 50c, $1, $2|
Canadian Dollar / Australian Dollar Historical Rates
The Australian dollar was stronger than the Canadian dollar until the mid 1980s. From around C$1 = AU $0.76 in January 1982, the currency pair moved to around C$1 = AU $1.1 by April 1985. In July 1986, the Australian dollar touched an all-time then high of over AU $1.2 against the Canadian dollar. While the Australian dollar experienced brief respite from mid 1998 to mid 1999, it was back to trading in between AU $1.04 and AU $1.2 against the Canadian dollar until early 1994.
The Australian dollar witnessed better times going forward, and until mid 1997, it largely traded below AU $1 against the Canadian dollar. The balance of the CAD/AUD currency pair shifted in favor of the Canadian dollar again, and by March 2001, the Australian dollar breached the AU $1.3 mark against the Canadian dollar for the first time.
A reversal of fortunes took place again, with the Australian dollar gradually and almost steadily gaining ground. By early 2004, the Australian dollar was trading at below AU$1 against the Canadian dollar. However, after bottoming out in February 2004, the value of the Canadian dollar started rising again. The next time the Australian dollar traded at below AU $1 against the Canadian dollar was only in late 2010.
The global financial crisis of 2008 did little to dampen the value of the Canadian dollar. In January 2009, the value of the Australian dollar dropped to almost AU $1.3 against the Canadian dollar. Fortunately for the Australian dollar, this effect did not last long.
In the years that have followed, the economic stability of both regions has resulted in the CAD/AUD currency pair performing rather consistently. The value of the Australian dollar fell under AU $1 against the Canadian dollar several times from late 2010 to early 2013. Its value has fluctuated largely between AU $ 0.97 and AU $1.1 against the Canadian dollar since then.
CAD/AUD in the last five years
|1 July, 2013||AU $1.0833|
|1 July, 2014||AU $0.9863|
|1 July, 2015||AU $1.0459|
|1 July, 2016||AU $1.0097|
|1 July, 2017||AU $1.0014|
CAD/AUD in the last five months
|1 April, 2018||AU $1.0340|
|1 May, 2018||AU $1.0196|
|1 June, 2018||AU $1.0284|
|1 July, 2018||AU $1.0350|
|1 August, 2018||AU $1.0658|
What Affects CAD/AUD Rates?
Canada is a major exporter of oil, which is why the value of the Canadian dollar is typically linked to oil prices. Given Australia’s growing exports, the value of the Australian dollar is also affected by global commodity prices.
Another factor that may affect the CAD/AUD currency pair is the relationships both countries maintain with their trade partners. For instance, while performance of the Canadian dollar is aligned with that of the U.S. dollar, the fortunes of the Australian dollar are more dependent on its trading partners in Asia. Incidentally, Australia’s strong ties with Asian economies have resulted in the Australian dollar reaching elevated levels again the Canadian dollar.
Some of the other factors that may have a bearing on how the CAD/AUD currency pair performs include the gross domestic product (GDP) of both countries, as well as changes in monetary policies, trade balances, and interest rates.
If you want to send money from Canada to Australia or from Australia to Canada, take time to compare CAD/AUD exchange rates offered by different services providers. Some of the other factors that require your attention include all applicable fees, transfer methods, and acceptable modes of payment.