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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, September 21, 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  |  0.7750  |   |   |
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|  1 month  |  0.7755  |  +5  |  0.84%  |
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|  3 months  |  0.7763  |  +13  |  0.68%  |
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|  6 months  |  0.7776  |  +27  |  0.69%  |
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|  1 year  |  0.7800  |  +50  |  0.65%  |
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|  2 years  |  0.7843  |  +94  |  0.60%  |
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|  3 years  |  0.7877  |  +128  |  0.55%  |
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|  4 years  |  0.7903  |  +154  |  0.49%  |
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|  5 years  |  0.7921  |  +171  |  0.44%  |
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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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