Are you interested in the current exchange rates and the price of the Canadian dollar? Stay up to date at all times! Below we present the current quotes of the Canadian dollar in our online exchange.
According to the ISO 4217 standard, the currency of Canada is marked with the CAD code. In colloquial conversations, the term "loonie" may be used, referring to the common loon, i.e. a migratory bird that appears on the one-dollar bill.
The Canadian dollar has the same graphic symbol "$" as its American counterpart, however, the signatures C$ and CAD$ are commonly used. Thanks to this, when one checks currency quotes on the Internet, the Canadian dollar exchange rate can be easily recognised. This is quite useful, considering that the Canadian dollar, although officially used in only one country, is one of the most popular currencies in the world markets. It should come as no surprise that the CAD rate is checked on an ongoing basis by many. In addition, the CAD is highly valued as a reserve currency, further adding to the interest.
The Canadian dollar is divided into 100 cents. Currently in circulation are coins in the following denominations: 1, 2, 5, 10, 25 and 50 cents, as well as 1 Canadian dollar and 2 Canadian dollars. The banknotes include: CAD 10, CAD 20, CAD 50 and CAD 100. Interestingly, since 2011 only polymer banknotes which are more durable than paper ones and much more difficult to counterfeit have been issued.
The history of the Canadian dollar is closely related to the colonisation of this part of North America, because it in a way forced the introduction of a single currency. At the turn of the 17th and 18th centuries, Canada had pounds, French francs, Spanish thalers, and even Portuguese and South American money. Canadian dollars were first issued in 1817 by the Bank of Montreal, but the CAD became the official currency of the whole country 54 years later – until then it had only been officially used in Upper Canada and Quebec. Canada's new, uniform currency was introduced in the interwar period, when the Bank of Canada began its operations in 1935.
Nowadays, the Canadian dollar is considered a strong reserve currency, due to the economic and political stability of Canada. The CAD exchange rate is influenced by many factors, including numerous commodity prices. This applies mainly to those exported by Canada – the cost of the Canadian dollar will therefore depend, among others, on crude oil, natural gas, nickel, gold, copper or cobalt. At the same time, the Canadian dollar exchange rate is quite sensitive to changes in the US economy.
In the first period of the colonisation of the present territory of Canada, obtaining bullion coins was problematic, so substitute forms of money came into use, e.g. playing cards with the signature of the local governor or parts of snail shells.
The still circulating 50 cent coin is a real treat for collectors, to whom getting a 50-cent is like winning a lottery. It is worth adding that this coin is not always accepted in stores.
In 2007, the Canadian Mint issued a 100-kg gold coin denominated CAD 1 million. It is the most expensive bullion money in history. It has been bought by as many as five investors.
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