Question 1

What affects the Canadian dollar?

Accepted Answer

Oil prices heavily influence CAD. Canada is a major oil exporter, so high oil = strong CAD.

Question 2

What is the loonie?

Accepted Answer

The loonie is Canadian slang for CAD, named after the loon bird on the C coin.

Question 3

How often should I check exchange rates?

Accepted Answer

For large transactions, check rates multiple times per day as they fluctuate constantly. For small amounts, daily rates are usually sufficient.

Question 4

What affects currency conversion fees?

Accepted Answer

Banks typically add 2-4% markup on exchange rates. Credit cards may charge foreign transaction fees. Currency exchange services often have the worst rates.

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