The Canadian dollar (CAD) is the currency of Canada that was introduced in 1858. 1 Canadian dollar is made up of 100 cents. In 2007, the Canadian dollar ranked 7th among the world’s most actively traded currencies on the foreign exchange market. The fluctuations in the Canadian dollar exchange rate are significantly influenced by:
- US economy
- U.S. dollar
- Japanese yen
A short history of the Cannadian dollar
Canada introduced its own dollar in 1841. It was equal in value to the US gold dollar. Officially, the new currency replaced the Canadian pound in 1858. Canada’s first paper money was denominated in US dollars, since Canada did not officially have its own currency. In 1935, the Bank of Canada was founded and took over the federal issue of Canadian money. All Canadian banknotes are currently printed by the Canadian Bank Note Company and BA International Inc.
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