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Canadian Dollar Forward Rates
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The chart on the right shows the U.S. Dollar Forward Premium (+) or Forward Discount relative to the Canadian Dollar. The bid-ask midpoint rates shown apply to large-volume transactions in the interbank market around noon time (Eastern) on Friday, December 15, 2017. The precise forward rates, in U.S. Dollars per 1 Canadian Dollar, appear in the table on the left. Also reported are the implied forward premium or discount, and the implied foreign interest rate differential at an annualized rate FIRD=100[(f/s)(1/d)-1], where f and s are the forward and spot rate, and d is the forward time in years. If the Canadian Dollar is trading at a USD forward premium, the Canadian Dollar is expected to appreciate. The reverse is true for a forward discount. However, forward rates are poor predictors of the corresponding future spot rates.
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|   | Rate | Premium | FIRD |
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|  Spot  |  0.7835  |   |   |
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|  1 month  |  0.7844  |  +9  |  1.42%  |
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|  3 months  |  0.7850  |  +15  |  0.79%  |
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|  6 months  |  0.7859  |  +24  |  0.61%  |
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|  1 year  |  0.7872  |  +37  |  0.47%  |
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|  2 years  |  0.7895  |  +61  |  0.39%  |
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|  3 years  |  0.7913  |  +78  |  0.33%  |
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|  4 years  |  0.7925  |  +91  |  0.29%  |
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|  5 years  |  0.7937  |  +103  |  0.26%  |
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The exchange rates are in U.S. Dollars per 1 Canadian Dollar. The forward premia (+) or discounts (-1) are expressed in basis points (100-th of a US cent). The FIRD is expressed in percents per annum.
  [USD/CAD Forward Premium or Discount]
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  © 2017 by Werner Antweiler, University of British Columbia. All rights reserved.
The Pacific Exchange Rate Service is located in Vancouver, Canada.
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