The Canadian dollar (CAD) is the official currency of Canada, symbolized as $ or C$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents and is issued by the Bank of Canada. The currency code for the Canadian dollar is CAD.
Features of the Canadian Dollar:
- Banknotes & Coins:
- Coins: 5¢ (nickel), 10¢ (dime), 25¢ (quarter), $1 (loonie), and $2 (toonie).
- Banknotes: Available in denominations of $5, $10, $20, $50, and $100, featuring notable Canadian figures like Sir Wilfrid Laurier and Viola Desmond.
- Exchange Rate & Global Importance:
- CAD is a major global currency, influenced by Canada’s economy, trade, and commodity prices (especially oil).
- It is one of the top-traded currencies in the world, commonly exchanged against the USD, EUR, and GBP.
- Economic Impact:
- Canada’s economy, heavily reliant on natural resources and trade with the USA, affects the value of the CAD.
- The Bank of Canada controls inflation and interest rates, influencing the currency’s strength.
The Canadian dollar is considered a stable currency, widely accepted in international trade, and often moves in correlation with oil prices due to Canada’s large energy exports.
