The Australian dollar has spent most of the past decade below the Canadian dollar, but that wasn’t always the case — the AUD/CAD pair has swung from above parity to a pandemic-era crash, driven by commodity winds from opposite sides of the Pacific. This guide walks through the historical extremes, the forces that drive each currency, and what experts see ahead for the conversion rate.

4 related posts

Current AUD to CAD rate: 0.9911 CAD ·
Highest ever: 1.0758 CAD (Feb 2012) ·
Lowest ever: 0.6785 CAD (Mar 2020) ·
10-year average: ~0.95 CAD

Quick snapshot

1Current Rate
2Historical Peak & Trough
3Key Drivers
42025–2026 Forecast
  • Consensus range: 0.95 – 1.02 CAD (FXLeaders)
  • Bullish AUD if commodity rally continues (FXLeaders)
  • Bearish CAD if oil stays low (CoinCodex)

Five key reference points, one pattern: the AUD/CAD rate has spent most of the past decade below parity, with brief visits above 1.00 during commodity booms.

Metric Value Source
Current AUD/CAD rate 0.9911 CAD TradingView (live price feed)
Highest rate ever 1.0758 CAD (Feb 2012) Moneytransfer.com.au (historical rate aggregator)
Lowest rate ever 0.6785 CAD (Mar 2020) Moneytransfer.com.au (historical rate aggregator)
AUD parity last seen January 2014 OFX (currency data provider)
Average annual trading range 6–10% of midpoint Moneytransfer.com.au (historical rate aggregator)
6-month average (to May 2026) 0.95498 CAD OFX (currency data provider)

Was AUD ever stronger than CAD?

Yes, and not just slightly. For a stretch of about three years, the Australian dollar commanded more than one Canadian dollar — a rare feat for a commodity currency often grouped with the weaker members of the G10.

When did AUD trade above parity with CAD?

  • From mid-2010 through early 2013, AUD consistently traded above 1.00 CAD, peaking in February 2012 when the commodity super cycle was in full swing. China’s industrialisation demanded massive volumes of iron ore and coal, and Australia was the primary supplier. (Moneytransfer.com.au)

What was the highest AUD to CAD rate in history?

  • The record stands at 1.0758 Canadian dollars per Australian dollar, reached on 8 February 2012. That day, a single Australian dollar could buy more than C$1.07. The catalyst: Australian iron ore exports were booming, China’s GDP was still growing above 9%, and the Canadian dollar was being weighed down by anxieties over the European debt crisis. (Moneytransfer.com.au)
Bottom line: AUD was the stronger currency for a three-year window during the commodity super cycle, but it hasn’t touched parity since January 2014. For investors who held AUD through that period, the ride was extraordinary — but it also marked a peak that has not been revisited.

Why is the Australian dollar so weak?

“AUD weakness” has become a familiar phrase since 2014. The currency has spent most of the past decade below US$0.80 and below C$0.95. Three structural factors explain why.

How do iron ore and coal prices affect AUD?

  • Australia’s export revenue is dominated by iron ore (over C$100 billion per year) and coal (another C$60 billion). When those prices fall, fewer foreign buyers need Australian dollars to pay for shipments — less demand means a weaker exchange rate. Since the end of the commodity super cycle in 2013, iron ore has averaged about half its 2011 peak in real terms. (Moneytransfer.com.au)

What is the role of the Reserve Bank of Australia’s interest rate policy?

  • The RBA has kept its cash rate historically low — at or below 1.5% for most of 2015–2022 — and only began hiking in mid-2022. Low rates make AUD less attractive to carry traders, especially compared with currencies like the Canadian dollar when the Bank of Canada was raising earlier. This interest rate gap has been a persistent drag. (OFX)

How does China’s economic slowdown impact AUD?

  • China buys roughly 35% of Australian exports, mostly raw materials. When China’s property sector slumped in 2023–2024 and industrial output cooled, demand for Australian commodities dropped. Less Chinese buying means less AUD demand. The correlation between China’s manufacturing PMI and AUD/CAD has been above 0.60 over the last decade. (TradingView)
The catch

AUD’s commodity dependence is a double-edged sword. When the resources cycle turns up, the currency can rally hard — but it stays structurally vulnerable to any slowdown in Chinese industrial demand.

The implication: AUD’s trajectory depends on China’s industrial appetite and RBA policy shifts.

Why is CAD weakening?

The Canadian dollar hasn’t been spared either. It has weakened against the US dollar since 2021, and in early 2025 dipped below 0.70 USD. Against AUD, it has been more volatile, but broadly CAD has lost ground in the last 18 months.

How do crude oil prices affect the Canadian dollar?

  • Crude oil is Canada’s largest export, and the correlation between WTI prices and USD/CAD is well known. When oil falls, CAD tends to fall too. In 2024–2025, oil prices have drifted lower from $90 to around $75 per barrel, reflecting global demand concerns. That has directly weakened CAD against most peers, including AUD. (OFX)

What is the impact of Bank of Canada monetary policy?

  • The BoC raised rates aggressively in 2022–2023 but paused earlier than the Fed. When the BoC started cutting in 2024 while the RBA held steady, the rate differential shifted in favour of AUD. Markets now expect the BoC to cut further, which could keep CAD under pressure. (TradingView)

How does US economic strength influence CAD?

  • Canada sends 75% of its exports to the United States. When the US economy is strong, Canadian exports rise and CAD benefits. However, a strong US dollar can also hurt CAD indirectly by making Canadian goods more expensive for third countries. In 2024–2025, the US dollar has been on a tear, adding further headwinds to the loonie. (Wall Street Journal (financial data hub))
The trade-off

CAD’s fate is tied to two masters: oil prices (which have been soft) and the US economy (which has been resilient). Until oil rallies decisively or the Fed pivots faster than the BoC, CAD is likely to stay on the back foot.

Bottom line: The catch: CAD’s recovery hinges on a rebound in oil prices or a more aggressive BoC stance.

What was the highest AUD to CAD rate ever?

We’ve touched on it above, but it’s worth a dedicated look because the record tells us a lot about what it would take to break it.

When was the AUD at its strongest against the CAD?

  • The peak of 1.0758 CAD per AUD on 8 February 2012 occurred during an extraordinary alignment: Australian commodity exports were surging, Chinese demand was at its most ravenous, and the global economy was still emerging from the financial crisis. (Moneytransfer.com.au)

What caused that peak?

  • Three factors converged: (1) Iron ore spot prices were above $150 per tonne, more than double current levels; (2) The RBA had rates at 4.25%, well above the BoC’s 1.00%, attracting carry traders; (3) The European debt crisis drove safe-haven flows into the US dollar, but Canada’s close ties to Europe meant CAD suffered more than AUD. (TradingView)
Bottom line: Reaching 1.0758 again would require a repeat of the 2010–2012 commodity super cycle — a scenario unlikely in the current environment of slower Chinese growth and higher global interest rates.

That peak remains a distant benchmark for current markets.

Will CAD ever go back up?

The million-dollar question for anyone holding CAD: when will the loonie strengthen? The answer hinges on two variables that are hard to predict with any certainty.

What factors could strengthen the Canadian dollar?

  • If crude oil prices rally back above $100 per barrel — perhaps due to supply disruptions or a global economic rebound — CAD would likely gain against both AUD and USD. Additionally, if the Bank of Canada raises rates faster than the Reserve Bank of Australia, the interest rate differential would start to favour CAD. (OFX)

What are expert forecasts for CAD in 2025–2026?

  • Forecasts are mixed. CoinCodex projects AUD/CAD could climb to $1.12 by end of 2026 (+12.54%) and $1.16 by 2030 (+16.60%), though their methodology relies on historical patterns rather than fundamental analysis. (CoinCodex) FXLeaders sees a more conservative 1–6 month range of 0.9850–0.9950 with a positive outlook. (FXLeaders) Most consensus estimates from major banks put AUD/CAD in the 0.95–1.03 range for the next 12 months.
What to watch

The divergence between short-term forecasts (modestly bullish AUD) and long-term structural factors (steady weakness in both commodity currencies) makes any prediction risky. The safest bet is continued volatility rather than a clear trend.

What this means: any forecast carries high uncertainty, so traders should prepare for volatility.

Timeline: AUD/CAD exchange rate history

  • 2010–2012: AUD trades above parity with CAD during the commodity super cycle. Iron ore peaks at $190/tonne. (Moneytransfer.com.au)
  • 8 Feb 2012: AUD hits all-time high of 1.0758 CAD. (Moneytransfer.com.au)
  • 2014–2015: Iron ore prices collapse below $50/tonne; AUD falls below parity with CAD. CAD also weakens on oil crash from $110 to $30. (OFX)
  • Jan 2014: Last time AUD traded at parity with CAD. (OFX)
  • March 2020: Pandemic crash: AUD plummets to 0.6785 CAD — the lowest level ever recorded. (Moneytransfer.com.au)
  • 2021–2023: Partial recovery as commodity prices rebound; AUD ranges between 0.88 and 0.98 CAD. (TradingView)
  • 2024–2025: Mixed signals: RBA vs BoC rate decisions diverge, China slowdown weighs on AUD, oil volatility keeps CAD unstable. AUD/CDA oscillates between 0.88 and 0.98. (TradingView)
  • Dec 2025 – May 2026: AUD climbs from 0.9164 CAD (31 Dec 2025) to 0.9782 CAD (6 May 2026) as commodity prices rise and interest rate differentials shift. (OFX (currency data provider))

The pattern: decades of swings show both currencies are highly responsive to commodity cycles.

Clarity check: what we know and what remains uncertain

Confirmed facts

  • AUD has been weaker than CAD on average since 2013, with brief exceptions.
  • The Canadian dollar is highly correlated with crude oil prices (r > 0.70 over 5-year rolling periods). (TradingView)
  • The Australian dollar is heavily influenced by iron ore prices and Chinese industrial demand. (Moneytransfer.com.au)
  • The all-time high of AUD/CAD was 1.0758 in February 2012; the all-time low was 0.6785 in March 2020.

What’s unclear

  • Whether AUD will regain parity with CAD in the next five years — no major forecasting model currently projects that level.
  • The exact lag time between commodity price changes and exchange rate adjustments (research suggests 3–12 months, but varies widely).
  • The impact of future central bank digital currencies or new payment systems on forex transaction costs and volumes.
  • The precise impact of US monetary policy divergence on CAD/AUD correlation.

Expert perspectives

“The structural weakness of the Australian dollar is rooted in persistently low inflation expectations and the RBA’s cautious approach to normalising monetary policy, which makes AUD less attractive for carry trades compared to other commodity currencies.”

— Deakin University analysis

“The Canadian dollar is struggling to find direction as crude oil prices remain stuck in a range and the BoC signals further easing. Until we see a decisive breakout in WTI, USD/CAD will likely stay elevated and AUD/CAD will test the 0.98–1.00 zone.”

— FXStreet crude oil market commentary

“AUD weakness in 2024 is a combination of China’s faltering recovery and the RBA’s reluctance to match other central banks in rate hikes. The currency simply lacks catalysts to rally significantly.”

— CMC Markets research

For anyone converting Australian dollars to Canadian dollars, the current environment offers a moderately favourable rate near 0.99 CAD — not the glory days of 1.07, but far better than the pandemic trough of 0.68. The decision to exchange now or wait hinges on your outlook for commodity prices and central bank policy divergence over the next few months.

Additional sources

wise.com, investing.com

Don't miss these

Frequently asked questions

What is the best way to convert AUD to CAD?

For individuals, using a specialist foreign exchange broker or online platforms like Wise, OFX, or XE typically offers better rates than banks. Always compare the mid-market rate with the offered rate and account for transfer fees.

How does the Bank of Canada influence the CAD exchange rate?

The BoC sets the overnight interest rate, which influences the yield on Canadian dollar investments. Higher rates attract foreign capital and strengthen CAD; lower rates weaken it. The BoC also intervenes in forex markets occasionally to smooth excessive volatility.

How does the Reserve Bank of Australia affect the AUD?

The RBA sets the cash rate, which influences AUD through interest rate differentials. Additionally, RBA statements and economic projections shape market expectations, affecting speculative demand for the Australian dollar.

What are typical fees for AUD to CAD conversion?

Bank wire transfers can cost 1–3% in margin plus fixed fees. Specialist forex services usually charge 0.4–1.5% margin with lower or no fixed fees. Peer-to-peer platforms may charge as little as 0.2–0.5% margin. Always check the total cost.

Is it better to convert AUD to CAD now or wait?

That depends on your outlook. If you expect AUD to strengthen (e.g., due to rising commodity prices or RBA rate hikes), waiting could save money. If you expect CAD to strengthen (e.g., oil rally or BoC hikes), converting now may be better. The current rate near parity is historically favourable for AUD but still below the 0.95–1.00 median range of the past decade.

How often does the AUD to CAD rate change?

The rate updates continuously during forex market hours (24 hours Sunday–Friday). Mid-market rates change as frequently as every few milliseconds. Retail quotes from converters may be updated every few minutes.

Can I lock in a rate for future conversion?

Yes, many forex brokers and banks offer forward contracts that allow you to lock in a rate for a future date (e.g., 30, 60, or 90 days). This can protect against adverse movements but may involve a deposit or premium.

Bottom line: The AUD/CAD exchange rate is a story of two commodity currencies tracking divergent global trends. For Australian exporters and Canadian importers, the current range near parity means neither side has a clear advantage. For travellers and investors, the key takeaway is that both currencies are undervalued against the US dollar but balanced against each other — and timing the conversion requires careful attention to commodity markets and central bank signals.

Related reading