In Microsoft Excel, there are numerous ways to convert currency. If you are looking for how to convert CAD to USD in Excel, then you are in the right place. In this article, I will show you four different methods to convert CAD to USD in Excel. Hence, follow the complete guide to learn all of this and save time.
How to Convert CAD to USD in Excel: 4 Easy Ways
In the following section, I will use four effective and tricky methods to convert CAD to USD in Excel. Moreover, this section provides step-by-step procedures and details for all methods. It includes using the general arithmetic formula, utilizing External XML Source, applying exchange rates by using the Currencies Data Type, and using the VLOOKUP function. For the purpose of demonstration, I have used the following sample dataset.
1. Using General Arithmetic Formula to Convert CAD to USD
Usually, the easiest way to make a conversion is to use a general arithmetic formula. For this reason, you have to know the exchange rate. For example, I have taken the Exchange Rate as 0.74 as of today. But the rate may change.
- Firstly, write the following formula in cell E5.
- Secondly, press ENTER to get the output.
- Thirdly, use the AutoFill tool in order to get the same result for the whole column.
- Lastly, the final output will look like the below picture.
2. Utilizing External XML Source to Convert CAD to USD Automatically
There are no built-in currency conversion features in Microsoft Excel. However, to offer up-to-date prices, you can utilize an external data source. I will use the fundamental multiplication formula to convert one currency to another. For this reason, using external XML sources is another way to convert CAD to USD with a changing exchange rate. Hence, I will just link to an external source that has the conversion rate with the Excel file.
- At first, go to the Data tab.
- Now, select From File from the Get Data command and then pick From XML.
- Meanwhile, you’ll see the Import Data dialog box.
- Secondly, input any URL (e.g. http://www.floatrates.com/daily/cad.xml) in the File Name box, where the Exchange Rate is stored in XML, and click Open.
- Eventually, the following window will appear, and click Transform Data.
- The USD Power Query Editor window will appear.
- Fourthly, select the item and click Table.
- After that, click on the Close and Load button from the top-left corner.
- Eventually, all the data will be loaded into the Excel file.
- However, find your desired exchange rate cell number and return to the previous worksheet.
- Now, write the following formula in the C5
- Apply the AutoFill tool to the entire column.
- Finally, you will find your converted amount.
3. Applying Exchange Rate by Using Currencies Data Type
To get a proper and up-to-date conversion, you have to use the Currencies Data Type to have an automatically changing exchange rate. Usually, this method joins the changing exchange rate with the existing Excel file. However, follow the steps below to easily complete the operation.
- Firstly, write CAD/USD in cell B4.
- Secondly, select Table from the Insert tab.
- Click OK from the Create Table Dialog Box.
- Thirdly, click on cell B5 and select Currencies from the Data tab.
- Fourthly, click the B5 cell again, and press CTRL + SHIFT + F5.
- Eventually, a Canadian Dollar/ US Dollar FX Cross Rate window will appear, and click on Price and Last trade time.
- As a result, Price and Last trade time tables are added.
- Now, write the formula in the D8 cell like this.
- After that, use the AutoFill tool for the entire column.
- Finally, you will find the required output in the following image.
4. Using VLOOKUP Function to Convert CAD to USD
The VLOOKUP function or Vertical Lookup function is used to search for a certain value in a column or an array. It looks for a value in the leftmost column of a table and returns the specific column value you want from the same row. Hence, go through the following steps in order to convert CAD to USD using the VLOOKUP function.
- First of all, select cell E5.
- Then write down the following formula in the cell.
- After that, use the AutoFill tool to get the output for the whole column.
- Lastly, the CAD Amount will be converted to the USD Amount.
Download Practice Workbook
You can download the workbook used for the demonstration from the download link below.
These are all the steps you can follow to convert CAD to USD in Excel. Hopefully, you can now easily create the needed adjustments. I sincerely hope you learned something and enjoyed this guide. Please let us know in the comments section below if you have any queries or recommendations.