CAD - currency of Canada

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Canada is a fairly young state that was founded in July 1867. Despite this, the currency of the North American country is one of the most stable and in demand in the world.

History of money

Canada's currency has a rather interesting history. Initially, these lands used the currency of the Spanish colonialists - real.

Already in 1841, the Canadian pound was put into circulation, which was equivalent to the US dollar. After 16 years, it was renamed the Canadian dollar.

The bill, adopted by the country's leadership in 1854, provided the binding of banknotes to the gold and foreign exchange reserve. According to the law, the currency was freely exchanged for gold. After the crisis in the economic sphere, in 1933, the peg to the precious metal was canceled by the government.

Until the beginning of the 50s of the XX century, the rate of the Canadian national currency was closely tied to the US dollar, so they were almost equal in value. But starting in 1951, a free exchange rate was established. This went on for 11 years, after which it was decided to tie the Canadian dollar back to the US currency.

The final transition to a free exchange rate occurred in the 70s of the XX century, afterwhich the decision has not changed to this day.

International name for the Canadian currency

The national money of Canada has an international designation: 1C$ or CAD. The currency takes the 7th place in the world in terms of popularity, although its liquidity and demand cannot be compared with the US dollar and the euro.

Canada is one of the largest suppliers of energy and raw materials, so the rate of national money depends on the cost of these resources on the international market. Many countries, including the US, keep their gold reserves in CAD. Canada's currency is one of the most stable in the world. This is due to the economic development of the country and the positive financial situation.

Currently circulating banknotes are 5, 10, 20, 50 and 100 Canadian dollars.

A cent is a bargaining chip. Coins come in the following denominations: 1, 5, 10, 25, 50, as well as 1 and 2 dollars.

CAD is a currency that is especially popular during trading on the Forex exchange. Daily trading operations with the Canadian dollar amount to several tens of billions.

The Bank of Canada is responsible for the stability of the national currency and its issuance.

Currency banknotes - appearance

On one side of the banknotes are picturesque landscapes of Canada and other images related to the culture of the country. On the other - famous statesmen of different eras. Throughout its existence, the design of banknotes has undergone some changes. The colors of money changed, as well as their size. Only special designations and identification elements were unchanged.

No wonder the $20 bill features Queen Elizabeth II. After all, she is the head of state. The Queen ascended the throne on February 6, 1952 and became the royal ruler of the United Kingdom of Great Britain, Canada and other territories. The main part of the powers of the monarch, during her absence, is entrusted to Governor General David Johnston.

Canadian dollar exchange rate

In 2007, the value of Canada's currency slightly exceeded the US dollar, this figure was 1.0052. Today, the exchange rate is:

• 1CAD equals 0.70 EUR.
• 1 CAD equals 0.75 USD.
• 1 CAD equals 43.45 RUB.

The Canadian dollar is a fairly stable currency. She is considered one of the most protected in the world. It is least influenced by the money of China and Japan.

CAD is the currency in which to keep your savings safely.