Canada Economic Information
Central Bank: Bank of Canada (BOC)
Currency: Canadian dollar (CAD or C$)
The eighth largest economy in the world, Canada enjoys strong economic ties to the U.S. Foreign investors appreciate Canada's commodity-driven economy, with oil reserves the 2nd largest in the world, behind Saudi Arabia. The value of the Canadian dollar, or loonie, is tightly integrated with fluctuations in commodity prices.
Key industries:
Transportation equipment, chemicals, processed and unprocessed minerals, food products, wood and paper products, fish products, petroleum and natural gas.
Agricultural products:
Wheat, barley, oilseed, tobacco, fruits, vegetables, dairy products, forest products and fish.
Export commodities:
Motor vehicles and parts, industrial machinery, aircraft, telecommunications equipment, chemicals, plastics, fertilizers, wood pulp, timber, crude petroleum, natural gas, electricity and aluminum.
Import commodities:
Machinery and equipment, motor vehicles and parts, crude oil, chemicals, electricity and durable consumer goods.
Historical foreign currency exchange rates
 Downward Trend |
 Upward Trend |
| Source: These exchange rates are interbank rates as published by Interactive Data as of . These rates were not available to retail customers and were not the rates offered by EverBank®. Past performance does not guarantee future results. |
A few factors to consider when evaluating the Canadian dollar:
Reasons to consider
- As a commodity-driven economy, Canada benefits from rising energy prices. Canada has the 2nd largest oil reserves in the world and is the top producer of uranium. Demand from emerging markets could have a significant impact on Canada's economy.
- In 2007, the loonie gained 17.5% on the U.S. dollar and achieved parity for the first time in 31 years.
Risk factors to consider
- Canada's export-driven economy can be affected by slowdowns in global growth. With 80% of Canada's exports going to the U.S., slowdowns in the U.S. economy can have a dramatic effect on the value of the loonie.
- Concerns exist over the impact a stronger loonie has on visits from U.S. tourists.
How EverBank can help with your Canadian dollar needs?
WorldCurrency® CDs (Single-currency CDs): Earn interest rates at local rates in the currency of your choice.
WorldCurrency Index CDs (Multi-currency CDs): Open a single CD comprised of multiple currencies, each designed to focus on a specific regional strength, and/or geopolitical and economic development. This currency is available in the following Index CD(s):
DollarBull® CDs: Open a single currency CD in reverse—you benefit if the U.S. dollar appreciates against a chosen currency.
WorldCurrency Access Deposit Account: Open a transactional money market account in the currency of your choice.
I'm interested in opening a WorldCurrency account, what is my next step?
Please note: Not all investments are right for all investors. You should conduct your own research and/or consult with an investment advisor before making any investment.
- Before opening a WorldCurrency® account, we recommend reading the following pages:
- If you are ready to open your WorldCurrency account, apply online or call 800.926.4922 for more information.
- For your protection, we require that you sign and mail your application along with a deposit.
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