The pair of currencies - USD = US dollar, CAD=Canadian dollar - is quoted as 1 USD x CAD. So, if the pair is trading at 1.5, it means it takes 1.5 CAD to buy 1 USD. The higher this rate from a US perspective, the stronger the US dollar to the other currency. The CAD is a free floating currency, so its value isn’t pegged to the USD. The USD to CAD exchange rate was 1.37 on July 19, 2024.
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