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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 Tuesday, December 18, 2018. 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  |  0.7457  |   |   |
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|  1 month  |  0.7463  |  +7  |  1.08%  |
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|  3 months  |  0.7472  |  +16  |  0.84%  |
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|  6 months  |  0.7485  |  +28  |  0.76%  |
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|  1 year  |  0.7508  |  +52  |  0.69%  |
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|  2 years  |  0.7550  |  +93  |  0.62%  |
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|  3 years  |  0.7576  |  +120  |  0.53%  |
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|  4 years  |  0.7606  |  +149  |  0.50%  |
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|  5 years  |  0.7618  |  +162  |  0.43%  |
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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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  © 2018 by Werner Antweiler, University of British Columbia. All rights reserved.
The Pacific Exchange Rate Service is located in Vancouver, Canada.
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