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Canadian dollar

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TheCanadian dollar(symbol:$;code:CAD;French:dollar canadien) is thecurrencyof Canada. It is abbreviated with thedollar sign$. There is no standard disambiguating form, but the abbreviationsCan$,CA$andC$are frequently used for distinction from otherdollar-denominated currencies (though C$ remains ambiguous with theNicaraguan córdoba).[1][2][3][a]It is divided into 100cents(¢).

Canadian dollar
Dollar canadien(French)
Can$, C$, CA$, CDN$, CAD
2011Frontier series(polymer notes)
ISO 4217
CodeCAD (numeric:124)
Subunit0.01
Unit
Unitdollar
Symbol$‎
NicknameLoonie,buck(in English)
Huard,piastre(pronouncedpiassein popular usage)(in French)
Denominations
Subunit
 1⁄100Cent
(in English)andsou(colloquial in French)
Symbol
 Cent¢
Banknotes$5,$10,$20,$50,$100
Coins
 Freq. used5¢,10¢,25¢,$1,$2
 Rarely used1¢(discontinued, still legal tender),50¢(still minted)
Demographics
Official user(s)Canada
Unofficial user(s)St. Pierre and Miquelon
Issuance
Central bankBank of Canada
 Websitewww.bankofcanada.ca
PrinterCanadian Bank Note Company
 Websitewww.cbnco
MintRoyal Canadian Mint
 Websitewww.mint.ca
Valuation
Inflation2.0%
 SourceStatistics Canada,October 2024
 MethodConsumer price index

Owing to the image of acommon loonon its reverse, the dollar coin, and sometimes the unit of currency itself, may bereferred toas theloonieby English-speaking Canadians and foreign exchange traders and analysts.[4]

Accounting for approximately 2% of all global reserves, as of January 2024the Canadian dollar is the fifth-most heldreserve currencyin the world, behind theU.S. dollar,euro,yen,andsterling.[5]The Canadian dollar is popular with central banks because of Canada's relative economic soundness, the Canadian government's strong sovereign position, and the stability of the country's legal and political systems.[6][7][8][9][10]

History

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Main article:History of the Canadian dollar

Colonial currencies

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The 1850s in Canada were a decade of debate over whether to adopt a£sd-based monetary system or a decimal monetary system based on the US dollar. The British North American provinces, for reasons of practicality in relation to the increasing trade with the neighbouring United States, had a desire to assimilate their currencies with the American unit, but the imperial authorities in London still preferred sterling as the sole currency throughout theBritish Empire.The British North American provinces nonetheless gradually adopted currencies tied to the American dollar.

Currencies used in Canada and its predecessors
Currency Dates in use Value in (pre-decimal)sterling Value in Canadian dollars
Canadian pound 1841–1858 16s5.3d $4
Canadian dollar 1858–present 4s1.3d $1
New Brunswick dollar 1860–1867
British Columbia dollar 1865–1871
Prince Edward Island dollar 1871–1873
Nova Scotian dollar 1860–1871 4s $0.973
Newfoundland dollar 1865–1895 4s2d $1.014
1895–1949 4s1.3d $1

Province of Canada

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AProvince of Canadaone-dollar note issued by the Colonial Bank of Canada, 1859

In 1841, theProvince of Canadaadopted a new system based on theHalifax rating.The newCanadian poundwas equal to four US dollars (92.88grainsgold), making £1sterlingequal to £1.4s.4d.Canadian. Thus, the new Canadian pound was worth 16 shillings and 5.3 pence sterling.

In 1851, theParliament of the Province of Canadapassed an act for the purposes of introducing a sterling-based unit,[citation needed]with decimal fractional coinage. The idea was that the decimal coins would correspond to exact amounts in relation to the U.S. dollar fractional coinage.

In response to British concerns, in 1853, an act of the Parliament of the Province of Canada introduced thegold standardinto the colony,[citation needed]based on both the Britishgold sovereignand theAmerican gold eagle coins.This gold standard was introduced with the gold sovereign beinglegal tenderat £1 = US$4.86+2⁄3.No coinage was provided for under the 1853 act. Sterling coinage was made legal tender and all other silver coins were demonetized. The British government in principle allowed for a decimal coinage but nevertheless held out the hope that a sterling unit would be chosen under the name of "royal".[citation needed]However, in 1857, the decision was made to introduce a decimal coinage into the Province of Canada in conjunction with the U.S. dollar unit. Hence, when the new decimal coins were introduced in 1858, the colony's currency became aligned with the U.S. currency,[citation needed]although the British gold sovereign continued to remain legal tender at the rate of £1 = Can$4.86+2⁄3right up until the 1990s. In 1859, Canadian colonial postage stamps were issued with decimal denominations for the first time. In 1861, Canadian postage stamps were issued with the denominations shown in dollars and cents.

Maritime colonies

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In 1860, the colonies ofNew BrunswickandNova Scotiafollowed the Province of Canada in adopting a decimal system based on the U.S. dollar unit.

In 1871,Prince Edward Islandwent decimal within the U.S. dollar unit and introduced coins in the denomination of 1 cent. However, the currency of Prince Edward Island was absorbed into the Canadian system shortly afterwards, when Prince Edward Island joined the Dominion of Canada in 1873.

Newfoundland

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Newfoundlandwent decimal in 1865, but unlike the Province of Canada, New Brunswick, and Nova Scotia, it decided to adopt a unit based on theSpanish dollarrather than on the U.S. dollar, and there was a slight difference between these two units. The U.S. dollar was created in 1792 on the basis of the average weight of a selection of worn Spanish dollars. As such, the Spanish dollar was worth slightly more than the U.S. dollar, and likewise, theNewfoundland dollar,until 1895, was worth slightly more than the Canadian dollar.

British Columbia

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TheColony of British Columbiaadopted theBritish Columbia dollaras its currency in 1865, at par with the Canadian dollar. When British Columbia joined Canada as its sixth province in 1871, the Canadian dollar replaced the British Columbia dollar.

Post-Confederation history

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In 1867, the Province of Canada, New Brunswick, and Nova Scotiaunited into a federation named Canada.As a result, their respective currencies were merged into a singular Canadian dollar. The Canadian Parliament passed theUniform Currency Actin April 1871,[11]tying up loose ends as to the currencies of the various provinces and replacing them with a common Canadian dollar.

The gold standard was temporarily abandoned duringWorld War Iand definitively abolished on April 10, 1933. At the outbreak ofWorld War II,theexchange rateto the U.S. dollar wasfixedat Can$1.10 = US$1.00. This was changed to parity in 1946. In 1949, sterling was devalued and Canada followed, returning to a peg of Can$1.10 = US$1.00. However, Canada allowed its dollar to float in 1950, whereupon the currency rose to a slight premium over the U.S. dollar for the next decade. But the Canadian dollar fell sharply after 1960 before it was again pegged in 1962 at Can$1.00 = US$0.925. This was sometimes pejoratively referred to as the "Diefenbuck" or the "Diefendollar", after the then Prime Minister,John Diefenbaker.This peg lasted until 1970, with the currency's value being floated since then.

Terminology

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The one- and two-dollar coins, nicknamed theloonieandtoonie

Canadian English,similar toAmerican English,used the slang term "buck"for a former paper dollar. The Canadian origin of this term derives from a coin struck by theHudson's Bay Companyduring the 17th century with a value equal to thepeltof a malebeaver– a "buck".[12]Because of the appearance of thecommon loonon the back of the $1 coin that replaced the dollar bill in 1987, the wordlooniewas adopted in Canadian parlance to distinguish the Canadian dollar coin from the dollar bill. When the two-dollar coin was introduced in 1996, the derivative wordtoonie( "two loonies" ) became the common word for it in Canadian English slang.

InFrench,the currency is also calledle dollar;Canadian Frenchslang terms includepiastreorpiasse(the original word used in 18th-century French to translate "dollar" ) andhuard(equivalent toloonie,sincehuardis French for "loon," the bird appearing on the coin). The French pronunciation ofcent(pronounced similarly to English as/sɛnt/or/sɛn/,not like the word for hundred,/sɑ̃/or/sã/)[13]is generally used for the subdivision;souis another, informal, term for 1¢.25¢ coinsin Quebec French are often calledtrente sous( "thirty cents" ) because of a series of changes in terminology, currencies, and exchange rates. After the British conquest ofCanadain 1760, French coins gradually went out of use, andsoubecame a nickname for thehalfpenny,which was similar in value to theFrenchsou.Spanish dollars and U.S. dollars were also in use, and from 1841 to 1858, the exchange rate was fixed at $4 = £1 (or 400¢ = 240d). This made 25¢ equal to 15d,or 30 halfpence (trente sous). After decimalization and the withdrawal of halfpenny coins, the nicknamesoubegan to be used for the1¢ coin,but the idiomtrente sousfor 25¢ endured.[14]

Coins

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Main article:Coins of the Canadian dollar
TheRoyal Canadian Mintproduction facility inWinnipeg

Coins are produced by theRoyal Canadian Mint's facilities inWinnipeg,Manitoba,andOttawa,Ontario,in denominations of 5¢ (nickel), 10¢ (dime), 25¢ (quarter), 50¢ (50¢ piece) (though the 50¢ piece is no longer distributed to banks and is only available directly from the mint, therefore seeing very little circulation), $1 (loonie), and $2 (toonie). The last 1¢ coin (penny) to be minted in Canada was struck on May 4, 2012,[15]and distribution of the penny ceased on February 4, 2013.[16]Ever since, the price for a cash transaction is rounded to the nearest five cents. The penny continues to be legal tender, although it is only accepted as payment and is not given back as change.

The standard set of designs has Canadian symbols, usually wildlife, on the reverse, and an effigy ofCharles IIIon theobverse.A large number of pennies, nickels, and dimes are in circulation bearing the effigy ofElizabeth II,and occasionally some depictingGeorge VIcan be found. It is also common forAmerican coinsto be found among circulation due to the close proximity to the United States and the fact that the sizes and colours of the coins are similar. Commemorative coins with differing reverses are also issued on an irregular basis, most often quarters. 50¢ coins are rarely found in circulation; they are often collected and not regularly used in day-to-day transactions in most provinces.

Coin history

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Engraving of a Canadian fifty-cent coin, issued in 1871

In 1858, bronze 1¢ and 0.925 silver 5¢, 10¢ and 20¢ coins were issued by the Province of Canada. Except for 1¢ coins struck in 1859, no more coins were issued until 1870, when production of the 5¢ and 10¢ was resumed and silver 25¢ and 50¢ were introduced. Between 1908 and 1919,sovereigns(legal tender in Canada for $4.86+2⁄3) were struck in Ottawa with a "C" mintmark.

Canada produced its first gold dollar coins in 1912 in the form of $5 and $10. These coins were produced from 1912 to 1914. The obverse carries an image ofKing George Vand on the reverse is a shield with the arms of the Dominion of Canada. Gold from theKlondike Rivervalley in theYukonaccounts for much of the gold in the coins.

Two years into the coin's production World War I began and production of the coins stopped in favour of tighter control over Canadian gold reserves. Most of the 1914 coins produced never reached circulation at the time and some were stored for more than 75 years until being sold off in 2012. The high quality specimens were sold to the public and the visually unappealing ones were melted.[17]

In 1920, the size of the 1¢ was reduced and the silver fineness of the 5¢, 10¢, 25¢ and 50¢ coins was reduced to 0.800 silver/.200 copper. This composition was maintained for the 10¢, 25¢ and 50¢ piece through 1966, but the debasement of the 5¢ piece continued in 1922 with the silver 5¢ being entirely replaced by a larger nickel coin. In 1942, as a wartime measure, nickel was replaced bytombacin the 5¢ coin, which was changed in shape from round tododecagonal.Chromium-plated steel was used for the 5¢ in 1944 and 1945 and between 1951 and 1954, after which nickel was readopted. The 5¢ returned to a round shape in 1963.

Five-cent coin, issued 1942
Five-cent coin, issued 1964
Several Canadian coins, like the five-cent coin, underwent changes in composition and shape in the 20th century.

In 1935, the 0.800 silvervoyageur dollarwas introduced. Production was maintained through 1967 with the exception of the war years between 1939 and 1945.

In 1967 both 0.800 silver/0.200 copper and, later that year, 0.500 silver/.500 copper 10¢ and 25¢ coins were issued. 1968 saw further debasement: the 0.500 fine silver dimes and quarters were completely replaced by nickel ones mid-year. All 1968 50¢ and $1 coins were reduced in size and coined only in pure nickel. Thus, 1968 marked the last year in which any circulating silver coinage was issued in Canada.

The last minted penny intended for circulation, produced at theRoyal Canadian Mintin Winnipeg in 2012,[18]on display at theBank of Canada Museumin Ottawa

In 1982, the 1¢ coin was changed to dodecagonal, and the 5¢ was further debased to a cupro-nickel alloy. In 1987 a $1 coin struck in aureate-plated nickel was introduced. Abimetallic$2 coin followed in 1996. In 1997, copper-plated zinc replaced bronze in the 1¢, and it returned to a round shape. This was followed, in 2000, by the introduction of even cheaper plated-steel 1¢, 5¢, 10¢, 25¢ and 50¢ coins, with the 1¢ plated in copper and the others plated incupro-nickel.In 2012, the multi-ply plated-steel technology was introduced for $1 and $2 coins as well. Also in that year mintage of the 1¢ coin ceased and its withdrawal from circulation began in 2013.

Banknotes

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Main article:Banknotes of the Canadian dollar
An 1892 five-dollar note issued by theBank of Hamilton.Early Canadian dollar notes wereissued by Canadian charter banks.

The first paper money issued in Canada denominated in dollars were British Army bills, issued between 1813 and 1815. Canadian dollar banknotes were later issued by thechartered banksstarting in the 1830s, by several pre-Confederationcolonial governments (most notably the Province of Canada in 1866), and after confederation, by the Canadian government starting in 1870. Some municipalities also issued notes, most notablydepressionscripduring the 1930s.[19]

On July 3, 1934,[20][failed verification]with only 10 chartered banks still issuing notes, theBank of Canadawas founded. This new government agency became the sole issuer of all federal notes. In 1935, it issued its first series of notes in denominations of $1, $2, $5, $10, $20, $25, $50, $100, $500 and $1000. The $25 note was a commemorative issue, released to mark the Silver Jubilee of KingGeorge V.[21]In 1944, the chartered banks were prohibited from issuing their own currency, with theRoyal Bank of Canadaand the Bank of Montreal among the last to issue notes.

TheBank of Canada headquarters.The Bank of Canada is the sole issuer of federal notes.

Significant design changes to the notes have occurred since 1935, with new series introduced in 1937, 1954, 1970, 1986, and 2001. In June 2011, newly designed notes printed on apolymersubstrate, as opposed to cotton fibre, were announced; the first of these polymer notes, the $100 bill, began circulation on November 14, 2011, the $50 bill began circulation on March 26, 2012, the $20 denomination began circulation on November 7, 2012, and the $5 and $10 denominations began circulation on November 12, 2013.

Since 1935, all banknotes are printed by the Ottawa-basedCanadian Bank Note Companyunder contract to the Bank of Canada. Previously, a second company, BA International (founded in 1866 as the British American Bank Note Company), shared printing duties. In 2011, BA International announced it would close its banknote printing business and cease printing banknotes at the end of 2012;[22]since then, the Canadian Bank Note Company has been the sole printer of Canadian banknotes.

All banknotes from series prior to the current polymer series are now considered unfit for circulation due to their lacking of any modern security features, such as a metallic stripe.[23]Financial institutions must return the banknotes to the Bank of Canada, which will then destroy them.[23]Individuals may keep the banknotes indefinitely.[24]

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As of January 1, 2021, the $1, $2, $25, $500 and $1000 notes issued by the Bank of Canada are no longer legal tender.[25]All other current and prior Canadian dollar banknotes issued by the Bank of Canada remain as legal tender in Canada. However, commercial transactions may legally be settled in any manner agreed by the parties involved.

Legal tender of Canadian coinage is governed by theCurrency Act,which sets out limits of:[26]

  • $40 if the denomination is $2 or greater but does not exceed $10;
  • $25 if the denomination is $1;
  • $10 if the denomination is 10¢ or greater but less than $1;
  • $5 if the denomination is 5¢;
  • 25¢ if the denomination is 1¢.

Retailers in Canada may refuse bank notes without breaking the law. According to legal guidelines, the method of payment has to be mutually agreed upon by the parties involved with the transactions. For example, stores may refuse $100 banknotes if they feel that would put them at risk of beingcounterfeitvictims; however, official policy suggests that the retailers should evaluate the impact of that approach. In the case that no mutually acceptable form of payment can be found for the tender, the parties involved should seek legal advice.[27]

Canadian dollars, especially coins, are accepted by some businesses in the northernmost cities of the United States and in many Canadiansnowbirdenclaves, just as U.S. dollars are accepted by some Canadian businesses.[28]

In 2012,Icelandconsidered adopting the Canadian dollar as a stable alternative to theIcelandic króna.[29][30] Canada was favoured due to its northern geography and similar resource-based economy, in addition to its relative economic stability.[31][32]The Canadian ambassador to Iceland said that Iceland could adopt the currency; although Iceland ultimately decided not to move on with the proposal.[33]

Value

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The cost of oneUnited States dollarin Canadian dollars from 1990
The cost of oneEuroin Canadian dollars from 1999

Since 76.7% of Canada's exports go to the U.S., and 53.3% of imports into Canada come from the U.S.,[34]Canadians are interested in the value of their currency mainly against the U.S. dollar. Although domestic concerns arise when the dollar trades much lower than its U.S. counterpart, there is also concern among exporters when the dollar appreciates quickly. A rise in the value of the dollar increases the price of Canadian exports to the U.S. On the other hand, there are advantages to a rising dollar, in that it is cheaper for Canadian industries to purchase foreign material and businesses.

The Bank of Canada currently has no specific target value for the Canadian dollar and has not intervened inforeign exchange marketssince 1998.[35]The Bank's official position is that market conditions should determine the worth of the Canadian dollar, although it occasionally makes minor attempts to influence its value.

On world markets, the Canadian dollar historically tended to move in tandem with the U.S. dollar.[36]An apparently rising Canadian dollar (against the U.S. dollar) was decreasing against other international currencies; however, during the rise of the Canadian dollar between 2002 and 2013, it gained value against the U.S. dollar as well as other international currencies. In recent years, dramatic fluctuations in the value of the Canadian dollar have tended to correlate with shifts in oil prices, reflecting the Canadian dollar's status as apetrocurrencyowing to Canada's significant oil exports.[37]

The Canadian dollar traded at a record high ofUS$2.78in terms ofAmerican greenbackson July 11, 1864, since the latter was inconvertible paper currency.[38]However, the Canadian dollar remained close to par or 1:1 versus the gold or silver US dollar of the time.

Unlike other currencies in theBretton Woods system,whose values werefixed,the Canadian dollar was allowed tofloatfrom 1950 to 1962. Between 1952 and 1960, the Canadian dollar traded at a slight premium over the U.S. dollar, reaching a high ofUS$1.0614on August 20, 1957.[38]

The Canadian dollar fell considerably after 1960, and this contributed to Prime MinisterJohn Diefenbaker's defeat in the1963 election.The Canadian dollar returned to a fixed exchange rate regime in 1962 when its value was set atUS$0.925,where it remained until 1970.[38]

As aninflation-fighting measure, the Canadian dollar was allowed to float in 1970. Its value appreciated and it was worth more than the U.S. dollar for part of the 1970s. The high point was on April 25, 1974, when it reachedUS$1.0443.[39]

The Canadian dollar fell in value against its American counterpart during thetechnological boomof the 1990s that was centred in the United States, and was traded for as little as US$0.6179 on January 21, 2002, which was an all-time low.[40]Since then, its value against all major currencies rose until 2013, due in part to high prices for commodities (especiallyoil) that Canada exports.[41]

The Canadian dollar's value against the U.S. dollar rose sharply in 2007 because of the continued strength of the Canadian economy and the U.S. currency's weakness on world markets. During trading on September 20, 2007, it met the U.S. dollar at parity for the first time since November 25, 1976.[42]

Inflation in the value of the Canadian dollar has been fairly low since the 1990s. In 2007 the Canadian dollar rebounded, soaring 23% in value.[38]

On September 28, 2007, the Canadian dollar closed above the U.S. dollar for the first time in 30 years, at US$1.0052.[43]On November 7, 2007, it hit US$1.1024 during trading, a modern-day high[44]after China announced it would diversify itsUS$1.43trillion foreign exchange reserve away from the U.S. dollar. By November 30, however, the Canadian dollar was once again at par with the U.S. dollar, and on December 4, the dollar had retreated back to US$0.98, through a cut in interest rates made by the Bank of Canada due to concerns about exports to the U.S.

Due to its soaring value and new record highs at the time, the Canadian dollar was named theCanadian Newsmaker of the Yearfor 2007 by the Canadian edition ofTimemagazine.[45]

Since the late 2000s, the Canadian dollar has been valued at levels comparable to the years before its swift rise in 2007. For most of the 2010s, the exchange rate of Canadian to US dollars was approximately US$0.70 to Can$1.00.[46]

Reserve currency

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Most traded currencies by value
Currency distribution of global foreign exchange market turnover[47]
Currency ISO 4217
code 		Symbols Proportion of daily volume Change
(2019–2022)
April 2019 April 2022
U.S. dollar USD $, US$ 88.3% 88.5% 0.2pp
Euro EUR € 32.3% 30.5% 1.8pp
Japanese yen JPY ¥,Yên 16.8% 16.7% 0.1pp
Sterling GBP £ 12.8% 12.9% 0.1pp
Renminbi CNY ¥,Viên 4.3% 7.0% 2.7pp
Australian dollar AUD $, $A 6.8% 6.4% 0.4pp
Canadian dollar CAD $, Can$ 5.0% 6.2% 1.2pp
Swiss franc CHF Fr., fr. 4.9% 5.2% 0.3pp
Hong Kong dollar HKD $, HK$,Nguyên 3.5% 2.6% 0.9pp
Singapore dollar SGD $, S$ 1.8% 2.4% 0.6pp
Swedish krona SEK kr, Skr 2.0% 2.2% 0.2pp
South Korean won KRW ₩,원 2.0% 1.9% 0.1pp
Norwegian krone NOK kr, Nkr 1.8% 1.7% 0.1pp
New Zealand dollar NZD $, $NZ 2.1% 1.7% 0.4pp
Indian rupee INR ₹ 1.7% 1.6% 0.1pp
Mexican peso MXN $, Mex$ 1.7% 1.5% 0.2pp
New Taiwan dollar TWD $‎, NT$,Viên 0.9% 1.1% 0.2pp
South African rand ZAR R 1.1% 1.0% 0.1pp
Brazilian real BRL R$ 1.1% 0.9% 0.2pp
Danish krone DKK kr., DKr 0.6% 0.7% 0.1pp
Polish złoty PLN zł‎, Zl 0.6% 0.7% 0.1pp
Thai baht THB ฿, B 0.5% 0.4% 0.1pp
Israeli new shekel ILS ₪, NIS 0.3% 0.4% 0.1pp
Indonesian rupiah IDR Rp 0.4% 0.4%
Czech koruna CZK Kč, CZK 0.4% 0.4%
UAE dirham AED د.إ,Dh(s) 0.2% 0.4% 0.2pp
Turkish lira TRY ₺, TL 1.1% 0.4% 0.7pp
Hungarian forint HUF Ft 0.4% 0.3% 0.1pp
Chilean peso CLP $, Ch$ 0.3% 0.3%
Saudi riyal SAR ﷼,SRl(s) 0.2% 0.2%
Philippine peso PHP ₱ 0.3% 0.2% 0.1pp
Malaysian ringgit MYR RM 0.2% 0.2%
Colombian peso COP $, Col$ 0.2% 0.2%
Russian ruble RUB ₽, руб 1.1% 0.2% 0.9pp
Romanian leu RON —, leu 0.1% 0.1%
Peruvian sol PEN S/. 0.1% 0.1%
Bahraini dinar BHD .د.ب,BD 0.0% 0.0%
Bulgarian lev BGN лв., lv., lev 0.0% 0.0%
Argentine peso ARS $, Arg$ 0.1% 0.0% 0.1pp
Other currencies 1.8% 2.3% 0.5pp
Total: 200.0% 200.0%




A number of central banks (and commercial banks) keep Canadian dollars as a reserve currency. The Canadian dollar is considered to be a benchmark currency.[citation needed]

In the economy of the Americas, the Canadian dollar plays a similar role to that of the Australian dollar (AUD) in the Asia-Pacific region. The Canadian dollar (as a regional reserve currency for banking) has been an important part of the British, French and Dutch Caribbean states' economies and finance systems since the 1950s. The Canadian dollar is held by many central banks in Central and South America as well.[48][citation needed]

By observing how the Canadian dollar behaves against the U.S. dollar, foreign exchange economists can indirectly observe internal behaviours and patterns in the U.S. economy that could not be seen by direct observation. The Canadian dollar has fully evolved into a global reserve currency only since the 1970s, when it was floated against all other world currencies. Some economists have attributed the rise of importance of the Canadian dollar to the long-term effects of theNixon Shockthat effectively ended the Bretton Woods system of global finance.[49]

Exchange rates

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USD/CAD exchange rate
Current CAD exchange rates
FromGoogle Finance: AUDCHFCNYEURGBPHKDJPYUSD
FromYahoo! Finance: AUDCHFCNYEURGBPHKDJPYUSD
FromXE: AUDCHFCNYEURGBPHKDJPYUSD
From OANDA: AUDCHFCNYEURGBPHKDJPYUSD

See also

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Notes

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  1. ^There are various common abbreviations to distinguish the Canadian dollar from others: while theISO 4217currency code "CAD" (a three-character code withoutmonetary symbols) is common, no single system is universally accepted. TheWorld Bank,Editing Canadian EnglishandThe Canadian Styleguide all indicate "Can$"."C$"is the symbol for the Nicaraguan córdoba, and as such is discouraged byThe Canadian Styleguide.Editing Canadian Englishalso indicates "CDN$"; both style guides note the ISO code.

References

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Citations

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  1. ^"Canadian dollar (Symbol) (Linguistic recommendation from the Translation Bureau)".Translation Bureau.October 15, 2015.Archivedfrom the original on February 19, 2020.RetrievedOctober 2,2021.In an English document, when you need to specify the type of dollar (Canadian, American, Australian, etc.), the Translation Bureau recommends using the symbol Can$ to represent the Canadian dollar.... The shorter variant C$ is another symbol frequently used for the Canadian dollar. However, the Translation Bureau does not recommend this symbol, since it has a slight risk of ambiguity: it is also used to represent the Nicaraguancórdoba oro,Brazilian cruzeiroand occasionally the Cayman Islands dollar as well.
  2. ^"World Bank Editorial Style Guide 2020 – page 135"(PDF).openknowledge.worldbank.org.RetrievedAugust 27,2022.
  3. ^"Currencies Facts > Major Currencies > Canadian Dollar – Canadian Dollar Currency".Oanda.RetrievedApril 22,2024.
  4. ^"Report on Business: Great time for European vacation as loonie hits record high against euro".The Globe and Mail.July 12, 2012.Archivedfrom the original on May 5, 2018.RetrievedNovember 9,2014.
  5. ^"Currency Composition of Official Foreign Exchange Reserves (COFER)".International Monetary Fund. 2024.RetrievedSeptember 1,2024.
  6. ^"Canada's resilience has foreign central banks loading up on loonies".The Globe and Mail.May 13, 2014.Archivedfrom the original on March 5, 2016.RetrievedNovember 9,2014.
  7. ^"What's lifting the high-flying loonie?".The Globe and Mail.September 19, 2012.Archivedfrom the original on March 4, 2016.RetrievedNovember 9,2014.
  8. ^"Seven reasons to invest in Canada now".The Globe and Mail.March 11, 2013.Archivedfrom the original on January 21, 2017.RetrievedNovember 9,2014.
  9. ^"China likely sitting on billions of Canadian dollars".The Globe and Mail.October 2, 2015.Archivedfrom the original on June 15, 2018.RetrievedJanuary 13,2016.
  10. ^"Why a world in turmoil is still parking its cash in Canada — lots of cash".The National Post.December 31, 2015.Archivedfrom the original on May 12, 2018.RetrievedJanuary 13,2016.
  11. ^"1871 – Uniform Currency Act".Canadian Economy Online,Government of Canada.Archived fromthe originalon February 21, 2008.RetrievedFebruary 18,2008.
  12. ^Heritage, Canadian (December 14, 2017)."Official symbols of Canada - Canada.ca".canada.ca.Archivedfrom the original on December 24, 2019.RetrievedApril 25,2018.
  13. ^Guilloton, Noëlle; Cajolet-Laganière, Hélène (2005).Le français au bureau.Les publications du Québec. p. 467.ISBN2-551-19684-1.
  14. ^Farid, Frédéric (September 26, 2008)."Pourquoi trente sous = 25 cents?".Archivedfrom the original on October 23, 2017.RetrievedOctober 6,2010.
  15. ^"Canada's Last Penny minted".CBC.May 4, 2012.Archivedfrom the original on September 4, 2012.RetrievedMay 28,2012.
  16. ^"Canadian Penny Discontinued: Feb. 4 Marks The Official End Of Canada's Copper-Coloured Coin".Huffington Post Canada.February 1, 2013.Archivedfrom the original on July 20, 2013.RetrievedJune 28,2013.
  17. ^"A National Treasure Resurfaces as the Royal Canadian Mint Offers Rare Opportunity to Own Canada's First Gold Coins, Crafted With Pride From 1912-1914".mint.ca.Archivedfrom the original on December 22, 2015.RetrievedDecember 15,2015.
  18. ^Size, John (May 4, 2012)."Last Canadian penny on its way to Ottawa currency museum".CTV News.RetrievedApril 17,2024.
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