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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 Wednesday, October 18, 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  |  0.7984  |   |   |
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|  1 month  |  0.7987  |  +3  |  0.38%  |
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|  3 months  |  0.7990  |  +6  |  0.32%  |
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|  6 months  |  0.7994  |  +10  |  0.24%  |
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|  1 year  |  0.7997  |  +13  |  0.17%  |
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|  2 years  |  0.8008  |  +24  |  0.15%  |
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|  3 years  |  0.8006  |  +22  |  0.09%  |
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|  4 years  |  0.8006  |  +22  |  0.07%  |
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|  5 years  |  0.8002  |  +18  |  0.04%  |
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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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