The foreign currency exchange rate is determined by many factors including the strength of the two currencies, trade between the two countries and other factors. Canadian foreign exchange rates are published by the central bank of Canada and are the guide most mainstream banks will use. Those brokers that sell forex will give a slightly favourable rate in order to lure customers from the banks.
The currency conversion rate that you find on most websites has been set after taking into account several factors. Sometimes they are simply indicated as fx rates in short. It is common for most trade sites to have a foreign currency conversion tool on their site to help customers that may be surfing from outside the country of origin of the site.
If you are interested in trading in foreign currency then you will find useful and historical foreign exchange rates that are published by the banks and other groups. Some of the most popular rates searched for by clients are the Canadian dollar exchange rate, the US dollar exchange rate and the Euro dollar exchange rate. The Euro dollar and the US dollar are the leading currencies in trade followed by the Japanese Yen.
Fx rates are important for everyone, even if you do not want to trade or travel outside your country it can tell you story about the two countries.
