The Canadian Dollar (CAD) is one of the most traded currencies on the foreign exchange market, coming in seventh place after the USD, Euro, Japanese Yen, Great British Pound, and Swiss Franc. Since the largest part of Canadian crude oil exports is destined for the USA, the strength of CAD is bonded with the US economy and in extension with the US Dollar. The importance of the Canadian Dollar is strictly bonded with the economy of the country since a rise in the Canadian dollar can cause an accretion on the Canadian exports and lead to the redaction of the demand. Moreover, if the CAD value rises then the return of the Canadians’ investments on the global market will have a smaller return.
In Canada many currencies were used for daily trading since the 1660s when the French brought the first coins into the area. From 1841 the Canadian pound was widely used for day trading. After 1858 it started step-by-step to be replaced with the dollar. In 1860 more and more provinces of Canada started to use the new currency which was more aligned with the US Dollar. Thus, in 1871 the Uniform Currency Act and the Bank Act adopted the Canadian Dollar (CAD) across Canada which was backed by the gold standard and was divided into dollars, cents, and mills. In 1934 the Bank of Canada was established and a year later the first banknotes of CAD were issued. The CAD is a commodity currency that is connected with the fluctuation of the commodity prices such as crude oil, precious metals, etc.
The CAD is the abbreviation for the Canadian Dollar which is the official currency of Canada since 1871. It is divided into 100 cents (¢) and is considered the seventh most popular and widely traded fiat money.
Freq Used: $5, $10, $20, $50, $100
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