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When we saw the exchange rate reach 1.20 we jumped for joy to lock in various wedding expenses as we were now getting a 20% discount by paying with our USD greenbacks. I remember this time frame vividly as we were living in Florida, engaged, and planning our Canadian destination wedding in the summer of 2015 (which we kept under $9,000 CAD/$7,000 USD for 90+ people, I suppose we should write a future post on this eh?). This illustrates the US’s struggle during the years of the Great Recession.Ģ014 saw a slight climb to 1.10 and by 2015 it had continued upwards in the 1.20 range as the US continued to recover and grow.
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For the most part, from late 2007 until the end of 2013 the USD/CAD exchange rate was generally close to 1.0. In 2009 the exchange rate jumped up to the 1.25 range but then came back down to the 1.00 range by the end of 2009 where it remained through 2013. The Canadian real estate market did not suffer nearly as many foreclosures or short sales during this time. This recession was mainly due to subprime mortgages in the US. During the Great Recession, the US market took a beating while the Canadian market didn’t take as big of a nosedive. There were a couple of months where the Canadian dollar was stronger than the US dollar. For almost 4 years, from January 2003 until October 2007, the exchange rate gradually narrowed down to 1:1 par during the 2007-2008 financial crisis and slowly plummeted to its low of 0.94 in October 2007. A Look Back In Timeįrom the late 1990s to the early 2000s the exchange rate had reached it’s highest point during my lifetime peaking at 1.60 in February 2002. Now, I am by no means a foreign exchange rate expert by any means, but it is something I pay attention to since I am dealing in both US dollars and Canadian dollars for our portfolio. Looking at historical data from September 2003 to the present, there was only a short blip in January 2016 where we saw the exchange rate rival this figure for a week and then it went back down below 1.40 and it has remained in the 1.30-1.35 range for years. This means that for every $1.00 US dollar you convert to Canadian dollars, you’d end up with $1.40 Canadian dollars in your pocket. The USD/CAD exchange rate has been hovering around the 1.4 mark since the end of March. This post may contain sponsored content and/or affiliate links.