Pleasantly surprised to report that a $CAD physical gift card has been consistently redeemed at a C$1:US$1 market rate at US properties (Sheraton Waikiki, Princess Kaiulani, SFO). Even on a Sunday they use the Saturday rate without a surcharge.

This is in contrast to my other redemptions with this physical gift card, say in the Maldives for example, where they tacked on a nasty 5%-8% fee, presumably because they had to convert to USD first, which us Canadians are no stranger to when travelling to a country that doesn't use the world's top 8 currencies, that our cards auto-convert to USD and then again to the local currency.