With the recent steep slide in the CAD as it relates to the USD this is something Canadians are once again paying close attention to. We have generally found that the banks do not deliver the best deals. We have saved up to 1% and more by exchanging via a Online currency exchange (we use Payline by ICE and deal with Debbie Siouras who is National Manager, Financial Institution Services
As we are now Snowbirds spending several months in the USA, we now have an ear tuned to the markets and the news on the subject of exchange rates and what drives them, and we’ll often buy up to a year’s worth of USD when we think the CAD is about to drop. Fortunately we did just that last year and avoided much of the drop that occurred in the last several months.
These days your choices include Banks, Online currency exchanges, no-foreign-exchange-fee credit cards, and there is even a Peer-to-peer currency exchange. And if you want to get really sophisticated you can buy shares in an interlisted company on a Canadian stock exchange and then selling those shares on a U.S. stock exchange.
More here in this article I found on the CBC News Business sectionhttp://www.cbc.ca/news/business/foreign-currency-exchange-1.3412059