PayPal Sets Own Exchange Rate for Canadian $

According to the Bank of Canada - the Canadian dollar closed today at
1 CAD (closing)1.0151USD

And yet, my purchase of a neat quilt via PayPal has Paypal quoting the following exchange rate:
1 CAD = 0.993893USD

This isn't the first time I've come across wonky, phony exchange rates. Many American retailers and institutions are choosing to ignore the differences in exchange now. They think they can pretend and the nasty expensive Canadian dollar will go away?