1.16 is the market rate. The cheapest I can get a USD is 1.168 right now, while TD charges 1.191.
Mi papa works for a bank, so I can exchange at market rate.
As far as USD credit card purchases are concerned, I recommend:
https://www.chase.com/online/canada/amazon-ca-home.htmHighlights:
1) Canadian dollar credit card
2) 1% cashback on all purchases
3) no fee card
4) no foreign transaction fees (i.e. all charges in foreign currencies are charged at the market rate at the time of the transaction).
5) free $20 amazon.ca gift card just for getting the card
I've had mine for a couple of years now and love it...use it all the time in the US, used it in Euroland, and my parents recently even used it in Japan.