Select the date of the transaction to auto-fill the average monthly rate (2023-2024).
This rate is auto-estimated based on the date. You can manually edit it if you have the exact spot rate.
USD Amount:–
Exchange Rate Used:–
Inverse Rate (CAD to USD):–
Converted Value (CAD):–
// Historical Average Monthly Rates (Approximate Bank of Canada Noon Rates)
var historicalRates = {
"2023-01": 1.34, "2023-02": 1.35, "2023-03": 1.37, "2023-04": 1.34,
"2023-05": 1.35, "2023-06": 1.32, "2023-07": 1.32, "2023-08": 1.35,
"2023-09": 1.35, "2023-10": 1.37, "2023-11": 1.37, "2023-12": 1.33,
"2024-01": 1.34, "2024-02": 1.35, "2024-03": 1.35, "2024-04": 1.37,
"2024-05": 1.36, "2024-06": 1.37, "2024-07": 1.38, "2024-08": 1.35,
"2024-09": 1.35, "2024-10": 1.38, "2024-11": 1.39, "2024-12": 1.40
};
function lookupAverageRate() {
var dateInput = document.getElementById("conversionDate").value;
var rateInput = document.getElementById("exchangeRate");
var msgBox = document.getElementById("rateMessage");
if (!dateInput) return;
// Extract YYYY-MM
var yearMonth = dateInput.substring(0, 7);
if (historicalRates[yearMonth]) {
rateInput.value = historicalRates[yearMonth];
msgBox.innerHTML = "Note: Auto-filled with average rate for " + yearMonth + ". Verify against your specific bank statement if precise spot rate is required.";
msgBox.style.display = "block";
} else {
// Default fallback if date is out of range
msgBox.innerHTML = "Note: No historical data for this date in our database. Please enter the rate manually.";
msgBox.style.display = "block";
}
}
function calculateConversion() {
var usd = parseFloat(document.getElementById("usdAmount").value);
var rate = parseFloat(document.getElementById("exchangeRate").value);
var dateVal = document.getElementById("conversionDate").value;
// Validation
if (isNaN(usd) || usd < 0) {
alert("Please enter a valid USD Amount.");
return;
}
if (isNaN(rate) || rate <= 0) {
alert("Please enter a valid Exchange Rate.");
return;
}
// Calculation
var cadTotal = usd * rate;
var inverseRate = 1 / rate;
// Display Results
document.getElementById("dispUsd").innerHTML = "$" + usd.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2}) + " USD";
document.getElementById("dispRate").innerHTML = rate.toFixed(4);
document.getElementById("dispInverse").innerHTML = inverseRate.toFixed(4) + " USD/CAD";
document.getElementById("dispCad").innerHTML = "$" + cadTotal.toLocaleString('en-CA', {minimumFractionDigits: 2, maximumFractionDigits: 2}) + " CAD";
document.getElementById("results").style.display = "block";
}
Why Use a USD to CAD Exchange Rate by Date Calculator?
Accurately converting United States Dollars (USD) to Canadian Dollars (CAD) based on historical dates is crucial for financial reporting, tax filings, and business accounting. Exchange rates fluctuate continuously due to market volatility, meaning a transaction worth $1,000 USD today will likely have a different CAD value than it did six months ago.
For businesses operating across the border or individuals reconciling travel expenses, using the correct historical rate ensures compliance with the Canada Revenue Agency (CRA) and Internal Revenue Service (IRS). This calculator helps you estimate the value of past transactions by allowing you to input specific dates and rates.
Key Factors Influencing USD/CAD Historical Rates
When looking up exchange rates by date, it helps to understand what drives the changes in value between the "Loonie" (CAD) and the "Greenback" (USD):
Oil Prices: As a major oil exporter, the Canadian dollar often correlates positively with crude oil prices. When oil prices drop, the CAD tends to weaken against the USD.
Interest Rate Differentials: The difference between the Federal Reserve's interest rates and the Bank of Canada's rates impacts currency flow. Higher rates in the US typically strengthen the USD.
Economic Reports: Employment data, GDP growth, and inflation reports (CPI) from both countries cause daily spot rate volatility.
How to Find Accurate Historical Rates
While this calculator provides monthly averages for recent years, precise accounting often requires the exact daily "spot rate" or the "noon rate" published by central banks.
For Tax Purposes: The Bank of Canada publishes official noon rates and daily closing rates. If you are converting income or expenses for tax returns, verify whether your local tax authority permits the use of monthly or annual average rates, or if they require the specific rate from the transaction date.
Interpreting the Results
Converted Value (CAD): This is the gross amount you would receive or owe in Canadian dollars based on the USD input and the rate selected.
Inverse Rate: This figure (USD/CAD) tells you how much one Canadian dollar was worth in US dollars on that specific date. This is useful for reversing transactions or calculating purchasing power parity.
Frequently Asked Questions
Can I use this for official tax filings?
This tool provides estimates based on averages or user input. For official CRA or IRS filings, always cross-reference with the official Bank of Canada archives for the exact date in question.
What is the difference between the buy and sell rate?
The "interbank" rate usually displayed in historical data is the midpoint between buy and sell. Banks and exchange services typically add a "spread" (fee) of 1.5% to 3%. If you are calculating actual cash received, you may need to adjust the rate downwards to account for these bank fees.