The Canadian Dollar (CAD)


A Brief History of the Canadian Dollar

The Canadian dollar replaced the Canadian Pound after the Province of Canada introduced new decimal coins in 1858, aligning it to the US Dollar. This came after a decade of debate over a sterling monetary system (Authorities in London wanted this) versus the decimal monetary system (the local population wanted this).

The Canadian government and charted banks issued notes until 1934 when the Bank of Canada was formed. In 1935 the first bank notes issued by the Bank of Canada were circulated in society.

Today, the Canadian dollar is the seventh most actively traded currency in the world.

The Canadian Dollar in the Global Foreign Exchange Market

A popular nickname for the Canadian Dollar is the 'Loonie' due to the picture of the loon bird depicted on the back of their one dollar coin. Within Canada, the local currency is also called the 'buck', while French speakers commonly refer to the Canadian Dollar as the 'huard', 'piastre' or 'paisse'.

The Canadian Dollar ranks seventh among the most actively traded currencies in the foreign exchange market, accounting for 5.3% of daily forex market trading volume. It is abbreviated with '$' or 'C$' and is divided into 100 cents. The Canadian Dollar trades most actively against the US Dollar as the counter currency in the USD/CAD currency pair.

Furthermore, due to Canada’s active oil exports, the Canadian Dollar is commonly considered a petrocurrency since its exchange rate can be affected by shifts in the price of oil.

Fact Table:

Currency Name: The Canadian Dollar
Nicknames: Loonie, Buck, Huard, Piastre, Paisse
Currency Code: CAD
Currency Symbol: $ or C$
Central Bank: The Bank of Canada
Countries Used In: Canada
Major Unit: One Canadian Dollar
Minor Unit: One Cent or sou = 1/100 of one Canadian Dollar
Note Denominations: $5, $10, $20, $50 and $100
Coin Denominations: 1¢, 5¢, 10¢, 25¢, 50¢, $1 and $2.

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