Money is weird. One day you're looking at your bank account in Toronto thinking you've got a decent cushion, and the next, you're trying to figure out why your transfer to Casablanca feels lighter than it did last month. If you're tracking the CAD to MAD exchange rate right now, you've probably noticed it’s been a bit of a rollercoaster.
As of mid-January 2026, the rate is hovering around 6.65 Moroccan Dirhams (MAD) for every 1 Canadian Dollar (CAD). But honestly? That number doesn’t tell the whole story.
You see, exchange rates aren't just digits on a screen. They're a reflection of two very different economies trying to find a middle ground. On one side, you have Canada—hooked on oil prices and currently wrestling with a 2.25% interest rate that the Bank of Canada seems determined to sit on for a while. On the other, you have Morocco, an emerging powerhouse that's betting big on phosphates and tourism to keep the Dirham steady.
Why the Canadian Dollar is acting the way it is
Canada is in a "long pause." That’s the term economists are throwing around lately. After the Bank of Canada (BoC) held the policy rate at 2.25% in December 2025, the loonie has been stuck in a bit of a limbo.
When interest rates stay flat while other countries are moving theirs, the currency tends to lose its "sparkle" for international investors.
Right now, the BoC is watching inflation like a hawk. They want it at 2%, but it’s been stubbornly clinging to the high 2s. Because the Canadian economy is cooling—GDP growth was a sluggish 1.2% recently—Governor Tiff Macklem isn't exactly rushing to hike rates. This keeps the CAD from gaining too much ground against the Dirham.
Then there's the oil factor. Canada is an energy exporter. When global tensions flare up or demand shifts, the loonie feels the heat. If oil prices dip, your CAD to MAD exchange rate usually follows suit.
Morocco's side of the coin
The Moroccan Dirham is a different beast entirely. It’s not "free-floating" like the Canadian Dollar. Instead, Bank Al-Maghrib (the central bank) manages it against a basket of currencies—mainly the Euro and the US Dollar.
Basically, the Dirham is pegged 60% to the Euro and 40% to the USD.
This means even if nothing is happening in Canada or Morocco, the CAD to MAD exchange rate can still move just because the Euro got stronger or the US Dollar took a hit. It’s frustrating, I know. You’re doing everything right, but a policy shift in Brussels or D.C. changes how many Dirhams your family gets in Marrakech.
Morocco's economy is actually looking pretty solid for 2026. Non-agricultural growth is projected at 4.8%. They're pouring money into infrastructure and their phosphate exports are bringing in billions. When Morocco's economy looks strong, the Dirham gets "expensive," meaning your Canadian Dollars won't buy as many of them.
The CAD to MAD exchange rate in the real world
Let’s look at the numbers. Over the last year, we've seen the rate swing from as high as 7.02 back in early 2025 down to the current 6.65 range.
| Date | Rate (Approximate) |
|---|---|
| February 2025 | 7.02 MAD |
| July 2025 | 6.38 MAD |
| January 2026 | 6.65 MAD |
If you sent $1,000 CAD home in February 2025, your recipient got about 7,020 MAD. Today? That same $1,000 gets them roughly 6,650 MAD. That’s a 370 Dirham difference. In Morocco, that's a lot of groceries or a significant chunk of a monthly utility bill.
Don't get fooled by the "Mid-Market Rate"
Here is what most people get wrong: the rate you see on Google is not the rate you actually get.
That 6.65 figure? That's the mid-market rate. It’s the "real" exchange rate banks use to trade with each other. When you go to a big bank like RBC or TD, or even a local exchange kiosk at the airport, they'll give you a "retail rate."
They basically take the 6.65, shave off 3% to 5% for themselves, and give you something like 6.35. They call it a "service fee" or "zero commission," but the money is hidden in that spread.
Pro tip: Always compare the rate you're being offered against the live mid-market rate. If the gap is wider than 1-2%, you're getting hosed.
Better ways to send money to Morocco
If you're an MRE (Moroccans Residing Abroad) in Montreal or Calgary, you probably send money home often. Remittances to Morocco hit over $12.23 billion USD by the end of 2025. People are sending massive amounts of money, and yet, a lot of them are still using the most expensive methods.
- Specialist Digital Apps: Companies like Wise or Taptap Send are usually the winners here. Wise, for example, often gives you the exact mid-market rate and just charges a small, transparent fee.
- Bank Transfers: Avoid these if you can. Sending a SWIFT transfer from a Canadian bank to Attijariwafa Bank or Banque Populaire can take 3-5 days and cost you $30-$50 in flat fees, on top of a bad exchange rate.
- Cash Pickup: If your family doesn't have a bank account handy, Western Union or MoneyGram are the standard, but you pay for the convenience. The rates are usually mediocre at best.
Honestly, the "best" way changes almost weekly depending on promotions. Some apps offer "fee-free" first transfers which are great for one-offs.
What should you expect for the rest of 2026?
Predictions are a fool's game, but the data points to a relatively stable CAD to MAD exchange rate for the next few months.
Bank Al-Maghrib expects the real effective exchange rate of the Dirham to remain virtually stable through the year. Meanwhile, the Bank of Canada is likely to keep interest rates steady until at least the third quarter of 2026.
Unless there is a massive spike in oil prices or a sudden shift in the Eurozone, we’ll probably stay in this 6.50 to 6.80 range.
If the rate hits 6.80+, that’s usually a "buy" signal. If it drops toward 6.40, maybe wait a week if you can afford to. Market volatility is just part of the game when you're dealing with a commodity-based currency like the CAD and a basket-pegged one like the MAD.
Actionable steps for your next transfer
Stop checking the rate once a month. Use an app that lets you set a rate alert. When the CAD hits a specific target against the MAD, you get a ping on your phone.
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Before you hit "send," do a quick 30-second comparison. Check the rate on a site like XE and then look at what your transfer app is offering. If the difference is huge, switch providers. It sounds like a hassle, but saving 2% on every $500 transfer adds up to a free flight home every few years.
Finally, keep an eye on the Moroccan "Finance Act" updates. Policy changes in Rabat regarding import taxes or foreign investment can move the Dirham faster than any Canadian economic news ever will. Stay informed, stay skeptical of "zero fee" claims, and always look for the spread.