|Date of publication: 2018.01.14|
Reading an Exchange Rate
If the USD/CAD exchange rate is 1.0950, that means it costs 1.0950 Canadian dollars for 1 U.S. dollar. The first currency listed (USD) always stands for one unit of that currency; the exchange rate shows how much of the second currency (CAD) is needed to purchase that one unit of the first (USD).
This rate tells you how much it costs to buy one U.S. dollar using Canadian dollars. To find out how much it costs to buy one Canadian dollar using U.S. dollars use the following formula: 1/exchange rate.
In this case, 1 / 1.0950 = 0.9132. It costs 0.9132 U.S. dollars to buy one Canadian dollar. This price would be reflected by the CAD/USD pair; notice the position of the currencies has switched. It might sound rather hard, don't you think? We also know that. This is why we decided to provide you with an easy to navigate and use currency converter.
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- Canadian dollars (CAD)
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- Euro (EUR)
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