Canadian dollar dollar canadien (French)
Fifty dollar note One dollar coin
ISO 4217 Code	CAD
User(s)	Canada
Inflation	2. ISO 4217 is the International standard describing three-letter codes (also known as the currency code) to define the names of currencies established Country to "Dominion of Canada" or "Canadian Federation" or anything else please read the Talk Page In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time 4%
Source	The World Factbook, 2007 est.
Subunit
1/100	cent (English) and (French)
Symbol	$ or C$
cent (English) and (French)	¢
Nickname	loonie, buck (English) huard, piastre (pronounced piasse in popular usage) (French)
Coins
Freq. In many national currencies, the cent is a monetary unit that equals 1/100 of the basic monetary unit A currency sign is a graphic symbol often used as a shorthand for a Currency 's name In many national currencies, the cent is a monetary unit that equals 1/100 of the basic monetary unit Loonie is the name Canadians gave the gold-coloured bronze-plated one-dollar Coin shortly after its introduction in 1987. BUCK is the first full-length Album released by Christian Ska band BUCK Enterprises. The piastre or piaster was a unit of currency It was originally equal to one silver Dollar or Peso, served as the major unit of currency of French This article concerns Canadian coinage, the Coinage of Canada. used	1¢, 5¢, 10¢, 25¢, $1, $2
Rarely used	50¢
Banknotes
Freq. In Canada, a penny is a Coin worth one cent or of a dollar. According to the Royal Canadian Mint, the official national term of The Canadian five-cent coin, commonly called a Nickel, is a coin worth five cents or one-twentieth of a Canadian dollar. In Canada a dime is a Coin worth ten cents. It is the smallest (in physical size of the currently issued Canadian coins. The quarter is a Canadian Coin, valued at 25 cents or one-fourth of a Canadian dollar. Loonie is the name Canadians gave the gold-coloured bronze-plated one-dollar Coin shortly after its introduction in 1987. Toonie (sometimes spelled Twonie or Twoonie) is the name of the two- dollar Coin, a combination of the number "two" with the name Canadian banknotes are the Banknotes of Canada, denominated in Canadian dollars (CAD used	$5, $10, $20, $50, $100
Central bank	Bank of Canada
Website	www.bankofcanada.ca
Printer	Canadian Bank Note Company, BA International Inc. The Canadian five-dollar bill is currently the lowest denomination banknote issued by the Bank of Canada The Canadian ten-dollar bill is one of the most common Banknotes of the Canadian dollar. The Canadian $20 bill is the most common banknote of the Canadian dollar; it is the main banknote dispensed from Canadian Automatic banking machines (ABM The Canadian $50 bill is a banknote of the Canadian dollar. It is sometimes dispensed by ATMs, but not as commonly as the $20 bill. The Canadian $100 bill is one of five different Banknotes of the Canadian dollar. A central bank, reserve bank, or monetary authority is the entity responsible for the Monetary policy of a country or of a group of member states For the defunct commercial bank see Bank of Canada (commercial. A printer is a company that provides commercial Printing services often also offering Typesetting and Book-binding services The Canadian Bank Note Company is responsible for printing the Paper currency of Canada.
Mint	Royal Canadian Mint
Website	www.mint.ca

The Canadian dollar (ISO 4217 code: CAD) is the currency of Canada. A mint is an industrial facility which manufactures Coins for Currency. The Royal Canadian Mint (RCM French: Monnaie royale canadienne) produces all of Canada 's circulation Coins and manufactures circulation ISO 4217 is the International standard describing three-letter codes (also known as the currency code) to define the names of currencies established A currency is a unit of exchange, facilitating the transfer of Goods and/or services It is one form of Money, where money is Country to "Dominion of Canada" or "Canadian Federation" or anything else please read the Talk Page It is normally abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies. The dollar (often represented by the Dollar sign: "$" is the name of the official Currency in several countries dependencies and other ^[1] It is divided into 100 cents. In many national currencies, the cent is a monetary unit that equals 1/100 of the basic monetary unit

History

Main article: History of Canadian currency

Gold dollar

In 1841, the new Province of Canada declared that its dollar was equal to one-tenth the gold Eagle coin which was 10 U.S. dollar and was worth 5 s. Canada has an extensive history with regards to its currency Beginning in the early 16th Century items such as Wampum and furs were actually considered currency The Province of Canada or the United Province of Canada was a British colony in North America from 1841 to 1867 The eagle was a base-unit of denomination issued only for Gold coinage by the United States Mint. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been (5 shillings) in local currency. The shilling is a unit of Currency used in current and former Commonwealth countries and was continued to be used in countries that left the commonwealth The silver Spanish dollars were rated at 5 s. History Spain Following the introduction of the Guldengroschen in Austria in 1486 the concept of a large silver coin with high purity (sometimes known as "specie" 1 d. and the British sovereign was rated at £1 4 s. A penny (pl pence or pennies) is a Coin or a unit of Currency used in several English -speaking countries A Gold Sovereign is a Gold coin first issued in 1489 for Henry VII of England and still in production as of 2008 4 d. , the proper value due to its gold content compared to that of the gold U. S. dollar.

Independent Canadian dollar

The Province of Canada declared that all accounts would be kept in dollars and cents as of January 1, 1858, and ordered the issue of the first official Canadian coins in the same year. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC Year 1858 ( MDCCCLVIII) was a Common year starting on Friday (link will display the full calendar of the Gregorian Calendar (or a Common The dollar was pegged at par with the U.S. dollar, on a gold standard of 1 dollar = 23. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 22 grains gold. In many cultures a grain is a unit of measurement of Mass that is based upon the mass of a single seed of a typical Cereal.

The colonies that came together in the Canadian Confederation progressively adopted a decimal system over the next few years. Canadian Confederation was the process by which the federal Dominion of Canada was formed beginning 1 July 1867 from the New Brunswick, British Columbia and Prince Edward Island adopted dollars equivalent to the Canadian dollar (see New Brunswick dollar, British Columbia dollar and Prince Edward Island dollar). New Brunswick ( French: Nouveau-Brunswick /nuvobʁɔnzwik/ is one of Canada 's three Maritime provinces and is the only constitutionally British Columbia (ˌbrɪtɨʃ kəˈlʌmbiə ( BC) ( (la Colombie-Britannique C Prince Edward Island (ˌprɪns ˌɛdwɚd ˈaɪlɨnd ( PEI or P The dollar was the currency of New Brunswick between 1860 and 1867 The dollar was the currency of British Columbia between 1865 and 1871 The dollar was the currency of Prince Edward Island between 1871 and 1873 However, Nova Scotia and Newfoundland did not adopt the same dollar (see Nova Scotian dollar and Newfoundland dollar). Nova Scotia (ˌnəʊvəˈskəʊʃə ( Latin for New Scotland; Alba Nuadh Nouvelle-Écosse is a Canadian province located on Canada 's Newfoundland and Labrador (ˈnuːfɨn(dlənd ən(d ˈlæbrəˌdɔr (Terre-Neuve-et-Labrador is a province of Canada, the tenth and latest to join the Confederation The dollar was the currency of Nova Scotia between 1860 and 1871 The dollar was the currency of the colony and Dominion of Newfoundland from 1865 until 1949 when Newfoundland became a province of Canada. Nova Scotia retained its own currency until 1871, but Newfoundland issued its own currency until joining Confederation in 1949, although the value of the Newfoundland dollar was adjusted in 1895 to make it equal to the Canadian dollar.

The federal Parliament passed the Uniform Currency Act in April 1871,^[2] tying up loose ends as to the currencies of the various provinces and replacing them with a common Canadian dollar. The gold standard was temporarily abandoned during the First World War and definitively abolished on April 10, 1933. The gold standard is a monetary system in which a region's common media of exchange are paper notes that are normally freely convertible into pre-set fixed quantities of Gold World War I (abbreviated WWI; also known as the First World War, the Great War, and the War to End All Events 879 - Louis III becomes King of the Western Franks. 1407 - the lama Year 1933 ( MCMXXXIII) was a Common year starting on Sunday (link will display full calendar of the Gregorian calendar. At the outbreak of the Second World War, the exchange rate to the U. World War II, or the Second World War, (often abbreviated WWII) was a global military conflict which involved a majority of the world's nations, including S. dollar was fixed at 1. 1 Canadian dollars = 1 U. S. dollar. This was changed to parity in 1946. In 1949, sterling was devalued and Canada followed, returning to a peg of 1. 1 Canadian dollars = 1 U. S. dollar. However, Canada allowed its dollar to float in 1950, only returning to a fixed exchange rate in 1962, when the dollar was pegged at 1 Canadian dollar = 0. 925 U. S. dollar. This peg lasted until 1970, after which the currency's value has floated.

Terminology

Canadian English, like American English, uses the slang term "buck" for a dollar. Canadian English ( CanE, en-CA) is the variety of English used in Canada. Phonology North American English regional phonology In many ways compared to English English, North American English is conservative in its Phonology. The dollar (often represented by the Dollar sign: "$" is the name of the official Currency in several countries dependencies and other Because of the appearance of the common loon on the back of the dollar coin that replaced the dollar bill in 1987, the word "loonie" was adopted in Canadian parlance to distinguish the Canadian dollar from other currencies, as in "The loonie performed well today on currency markets". The Great Northern Diver, known in North America as the Common Loon ( Gavia immer) is a large member of the Loon, or diver Family Loonie is the name Canadians gave the gold-coloured bronze-plated one-dollar Coin shortly after its introduction in 1987. When the two-dollar coin was introduced in 1996, the derivative word "toonie" became the common word for it in Canadian English slang. Toonie (sometimes spelled Twonie or Twoonie) is the name of the two- dollar Coin, a combination of the number "two" with the name

In French, the currency is also called le dollar; Canadian French slang terms include piastre or piasse (same as "buck," but the original word used in eighteenth-century French to translate "dollar") and huard (equivalent to "loonie", since huard is French for "loon," the bird appearing on the coin). French ( français,) is a Romance language spoken around the world by 118 million people as a native language and by about 180 to 260 million people Canadian French is an Umbrella term for the varieties of the French language used in Canada. The piastre or piaster was a unit of currency It was originally equal to one silver Dollar or Peso, served as the major unit of currency of French The French pronunciation of "cent" (pronounced similarly to English as /sɛnt/, not like the word for hundred /sɛ̃/)^[3] is generally used for the subdivision; sou is another, informal term.

The original One Dollar coin was a copy of the original Voyageur Canoe coin. During transportation to the mint (in 1986 or 1987) the plates were lost or stolen resulting in a complete redesign of the coin to the current Loon.

Coins

Main article: Coins of the Canadian dollar

In 1858, bronze 1 cent and . This article concerns Canadian coinage, the Coinage of Canada. 925 silver 5, 10 and 20 cents coins were issued by the Province of Canada. Except for 1 cent coins struck in 1859, no more coins were issued until 1870, when production of the 5 and 10 cents was resumed and silver 25 and 50 cents were introduced. Between 1908 and 1919, sovereigns (legal tender in Canada for 4. A Gold Sovereign is a Gold coin first issued in 1489 for Henry VII of England and still in production as of 2008 866 dollars) were struck in Ottawa with a "C" mintmark. Gold 5 and 10 dollars coins were issued between 1912 and 1914.

In 1920, the size of the 1 cent was reduced and the silver fineness was reduced to . 800. In 1922, the silver 5 cent was replaced by a larger, nickel coin. In 1935, a silver 1 dollar coin was introduced. In 1942, as a war-time measure, nickel was replaced by tombac in the 5 cent coin, which was changed from round to dodecagonal. Tombac is an Alloy of Copper and Zinc. This alloy is used by Russia in making Medals (The 1980 Olympic 'Bronze' Medals were Chromium-plated steel was used for the 5 cents between 1944 and 1945 and between 1951 and 1954, before nickel was permanently readopted. The 5 cents returned to a round shape in 1963.

Canadian 2 dollar coin, "toonie"

In 1968, . 500 silver 10 and 25 cents coins were issued, before silver was replaced by nickel. At the same time, the sizes of the 50 cents and 1 dollar coins were reduced. In 1982, the 1 cent coin was changed to dodecagonal and the 5 cents was switched to a cupro-nickel alloy. In 1987, a 1 dollar coin struck in aureate-plated nickel was introduced. A bimetallic 2 dollars coin followed in 1996. In 1997, copper-plated zinc replaced bronze in the 1 cent. This was followed, in 2000, by the introduction of plated-steel 1, 5, 10, 25 and 50 cents coins, with the 1 cent plated in copper and the others plated in cupro-nickel.

Coins are produced by the Royal Canadian Mint in Winnipeg, Manitoba, and currently issued in denominations of 1¢ (penny), 5¢ (nickel), 10¢ (dime), 25¢ (quarter), 50¢ (50 cent piece) (though the 50 cent piece is rarely used), $1 (loonie), and $2 (toonie). The Royal Canadian Mint (RCM French: Monnaie royale canadienne) produces all of Canada 's circulation Coins and manufactures circulation Winnipeg (ˈwɪnɨpɛg is the capital and largest city in the Canadian province of Manitoba, and 7th largest municipality in Canada with a population Manitoba (English ˌmænɨˈtoʊbə French /manitoba/ is a province of Canada, spanning 647797 square kilometres (250116  sq mi of North America In Canada, a penny is a Coin worth one cent or of a dollar. According to the Royal Canadian Mint, the official national term of The Canadian five-cent coin, commonly called a Nickel, is a coin worth five cents or one-twentieth of a Canadian dollar. In Canada a dime is a Coin worth ten cents. It is the smallest (in physical size of the currently issued Canadian coins. The quarter is a Canadian Coin, valued at 25 cents or one-fourth of a Canadian dollar. Loonie is the name Canadians gave the gold-coloured bronze-plated one-dollar Coin shortly after its introduction in 1987. Toonie (sometimes spelled Twonie or Twoonie) is the name of the two- dollar Coin, a combination of the number "two" with the name The standard set of designs has Canadian symbols, usually wildlife, on the reverse, and an effigy of Elizabeth II on the obverse. For the ship see RMS Queen Elizabeth 2 Elizabeth II (Elizabeth Alexandra Mary Context States headed by Elizabeth II However, some pennies, nickels, and dimes remain in circulation that bear the effigy of George VI. Commemorative coins with differing reverses are also issued on an irregular basis. 50 cent coins are rarely found in circulation; they are often collected and not regularly used in day-to-day transactions. There have been repeated talks about removing the penny from circulation as it is estimated that it costs the Royal Canadian Mint up to four cents to produce and distribute a one-cent coin. ^[4] The Canadian penny costs at least C$130 million annually to keep in circulation, estimates a financial institution that called for an end to the penny. ^[5] A 2007 survey shows that only 37% of Canadians use pennies but the government continues to produce about 816 million pennies per year, equal to 25 pennies per Canadian. ^[5]

Banknotes

Latest series of Canadian Banknotes

Main article: Banknotes of the Canadian dollar

The first paper money issued in Canada denominated in dollars were British Army Bills, issued between 1813 and 1815 in denominations between 1 and 400 dollars. Canadian banknotes are the Banknotes of Canada, denominated in Canadian dollars (CAD These were emergency issues due to the War of 1812. The War of 1812 was fought between the United States of America and the British Empire, particularly Great Britain and her North American colonies The first banknotes were issued in 1817 by the Montreal Bank. Large numbers of chartered banks were founded in the 1830s, 1850s, 1860s and 1870s, although many issued paper money for only a short time. Others, including the Montreal Bank (later called the Bank of Montreal), issued notes for several decades. Until 1858, many notes were issued denominated in both shillings/pounds and dollars (5 shillings = 1 dollar). A large number of different denominations were issued, including 1, 2, 3, 4, 5, 10, 20, 25, 40, 50, 100, 500 and 1000 dollars. After 1858, only dollar denominations were used. See Canadian chartered bank notes for more information. The Canadian chartered bank notes were paper money issued between 1817 and 1944 by private Canadian banks known as chartered banks.

After its establishment in 1841, the Province of Canada began issuing paper money. Notes were produced for the government by the Bank of Montreal between 1842 and 1862, in denominations of 4, 5, 10, 20, 50 and 100 dollars. In 1866, the Province of Canada began issuing its own paper money, in denominations of 1, 2, 5, 10, 20, 50, 100 and 500 dollars. In 1870, following Confederation, the Dominion of Canada introduced 25 cents notes along with new issues of 1, 2, 500 and 1000 dollars. 50 and 100 dollars notes followed in 1872 but the bulk of later government note production was of 1 and 2 dollars note, with 4 dollars added in 1882. Denominations of 500, 1000, 5000 and 50,000 dollars were issued after 1896 for bank transactions only.

The Bank Act of 1871 limited the smallest denomination the chartered banks could issue to 4 dollars, increased to 5 dollars in 1880. To facilitate purchases below 5 dollars without using Dominion notes, Molsons Bank issued 6 and 7 dollars notes in 1871. The Molson Bank (sometimes labeled Molsons Bank) was a Canadian Bank founded in Montreal, Quebec, by brothers William The government issued 5 dollars notes from 1912. The last 25 cents notes, known as shinplasters due to their small size, were dated 1923.

In 1935, with only ten chartered banks still issuing notes, the Bank of Canada was founded and began issuing notes in denominations of 1, 2, 5, 10, 20, 50, 100, 500 and 1000 dollars. In 1944, the chartered banks were prohibited from issuing their own currency, with the Royal Bank of Canada and the Bank of Montreal among the last to issue notes. The Royal Bank of Canada ( Banque Royale du Canada in French is Canada 's largest company and Bank.

Although the 1 dollar coin was introduced in 1935, it was not until the introduction of the "loonie" that the banknote was withdrawn from circulation. The 2 dollar note was also replaced by a coin in 1996. All banknotes are currently printed by the Canadian Bank Note Company and BA International Inc on behalf of the Bank of Canada. The Canadian Bank Note Company is responsible for printing the Paper currency of Canada. For the defunct commercial bank see Bank of Canada (commercial.

In 2000, the Bank of Canada stopped issuing 1000 dollar notes and began to withdraw them from circulation, "as part of the fight against money laundering and organized crime. "^[6]

Even when banknotes are withdrawn, they remain legal tender and can be used or traded at banks. However, once received by the bank, they must be forwarded to the Central Bank for destruction.

Legal tender

Canadian dollar banknotes issued by the Bank of Canada are legal tender in Canada. Legal tender or forced tender is Payment that by Law, cannot be refused in settlement of a Debt ( Debtor cannot successfully be sued However, commercial transactions may legally be settled in any manner agreed by the parties involved.

Legal tender of Canadian coinage is governed by the Currency Act which sets out limits of:^[7]

• 40 dollars if the denomination is 2 dollars or greater but does not exceed 10 dollars;
• 25 dollars if the denomination is 1 dollar;
• 10 dollars if the denomination is 10 cents or greater but less than 1 dollar;
• 5 dollars if the denomination is 5 cents;
• 25 cents if the denomination is 1 cent. Toonie (sometimes spelled Twonie or Twoonie) is the name of the two- dollar Coin, a combination of the number "two" with the name Loonie is the name Canadians gave the gold-coloured bronze-plated one-dollar Coin shortly after its introduction in 1987.

Retailers in Canada may refuse bank notes without breaking the law. According to legal guidelines, the method of payment has to be mutually agreed upon by the parties involved with the transactions. For example, convenience stores may refuse $100 bank notes if they feel that would put them at risk of being counterfeit victims; however, official policy suggests that the retailers should evaluate the impact of that approach. A counterfeit is an imitation that is made usually with the intent to deceptively represent its content or origins In the case that no mutually acceptable form of payment can be found for the tender, the parties involved should seek legal advice. ^[8]

Value

Unlike other currencies in the Bretton Woods system, whose values were fixed, the Canadian dollar was allowed to float from 1950 to 1962. The Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states A fixed exchange rate, sometimes called a pegged exchange rate, is a type of Exchange rate regime wherein a Currency 's value is matched to the value of Floating rate may also refer to a Floating interest rate applied to a Loan or other lending product Between 1952 to 1960, the Canadian dollar traded at a slight premium over the U. S. dollar, reaching a high of US$1. 0614 on 20 August 1957. Events 636 - Battle of Yarmouk: Arab forces led by Khalid ibn al-Walid take control of Syria and Palestine Year 1957 ( MCMLVII) was a Common year starting on Tuesday (link displays the 1957 Gregorian calendar)

The Canadian dollar fell considerably after 1960, and this contributed to Prime Minister John Diefenbaker's defeat in the 1963 election. The Canadian federal election of 1963 was held on April 8 to elect members of the Canadian House of Commons of the 26th Parliament of Canada The Canadian dollar returned to a fixed exchange rate regime in 1962 when its value was set at US$0. A fixed exchange rate, sometimes called a pegged exchange rate, is a type of Exchange rate regime wherein a Currency 's value is matched to the value of 925, where it remained until 1970. As an inflation-fighting measure, the Canadian dollar was allowed to float in 1970. In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time Its value appreciated and it was worth more than the U. S. dollar for part of the 1970s. The high point was on 25 April 1974, when it reached US$1. Events 1607 - Eighty Years' War: The Dutch fleet destroys the anchored Spanish fleet at Gibraltar. Year 1974 ( MCMLXXIV) was a Common year starting on Tuesday (link will display full calendar of the 1974 Gregorian calendar. 0443.

The Canadian dollar fell in value against its American counterpart during the technological boom of the 1990s that was centred on the United States, and was traded for as little as 61. The " dot-com bubble " (or sometimes the " IT bubble " was a speculative bubble covering roughly 1995–2001 (with a climax on March 10 79 cents U. S. on 21 January 2002, which was an all-time low. Events 1189 - Philip II of France and Richard I of England begin to assemble troops to wage the Third Crusade. See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. ^[9] Since then, its value against all major currencies has risen due, in part, to high prices for commodities (especially oil) that Canada exports. Petroleum ( L petroleum, from Greek πετρέλαιον, lit Its value against the U. S. dollar rose sharply in 2007 due to the continued strength of the Canadian economy and the U. S. currency's weakness on world markets. During trading on 20 September 2007 it met the U. Events 451 - The Battle of Chalons takes place in North Eastern France. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. S. greenback at parity for the first time since 25 November 1976. Events 1034 - Máel Coluim mac Cináeda, King of Scots dies Donnchad, the Year 1976 ( MCMLXXVI) was a Leap year starting on Thursday (link will display full calendar of the Gregorian calendar. ^[10]

Inflation in the value of the Canadian dollar was fairly low since the 1990s, but had been severe for some decades before that. In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time In 2007 the Canadian dollar rebounded remarkably, soaring 23% in value. On 28 September 2007, the Canadian dollar closed above the U. Events 48 BC - Pompey the Great is assassinated on orders of King Ptolemy of Egypt after landing in Egypt. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. S. dollar for the first time in 30 years, at US$1. 0052. ^[11] On 7 November 2007, it hit US$1. Events 1492 - The Ensisheim Meteorite the oldest Meteorite with a known date of impact strikes the Earth around noon in a Wheat Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. 1024 during trading, a modern-day high^[12] after China announced it would diversify its US$1. 43 trillion foreign exchange reserve away from the U. S. dollar. By 30 November, however, the Canadian dollar was once again at par with the U. Events 1700 - Battle of Narva — A Swedish army of 8500 men under Charles XII defeats S. dollar, and on 4 December, the dollar had retreated back to US$0. "December 4th" redirects here For the song by Jay-Z, see December 4th (song. 98, through a cut in interest rates by the Bank of Canada, due to concerns about exports to the U. S. The rate has since been fluctuating between US$0. 9644 and US$1. 0298,^[13] after starting 2008 at just under US$1. 01. (The dollar has been as high as US$2. 78, reached on 11 July 1864 after the United States had temporarily abandoned the gold standard. Events 911 - Signing of the Treaty of Saint-Clair-sur-Epte between Charles the Simple and Rollo of Normandy. Year 1864 ( MDCCCLXIV) was a Leap year starting on Friday (link will display the full calendar of the Gregorian Calendar (or a Leap year )

Since 84. 2% of Canada's exports go to the United States, and 56. 7% of imports into Canada come from the United States,^[14] Canadians are mainly interested in the value of their currency against the U. S. dollar.

On world markets, the Canadian dollar historically tended to move in tandem with the U. S. dollar, but less dramatically. A consequence is that at times an apparently rising Canadian dollar is often falling against most of the world's currencies, and vice-versa, since Canadians tend to compare only against the U. S. dollar rather than other world currencies. However, during the relatively sharp rise of the Canadian dollar since 2002, it has "parted ways" with the U. S. dollar and has gained value against it, while also rising against other major international currencies.

Although there was a great deal of domestic concern when the Canadian dollar was trading much lower than the U. S. dollar, there is also concern among exporters when the dollar appreciates quickly. The rapid rise in the value of the Canadian dollar increases the price of Canadian exports to the United States, which make up a large part of the economy. On the other hand, there are advantages to a rising dollar, in that it is cheaper for Canadian industries to purchase foreign material and businesses. The Bank of Canada has no specific target value for the Canadian dollar and has not intervened in foreign exchange markets since 1998. The foreign exchange ( currency or forex or FX) market refers to the market for currencies. ^[15] The Bank's current position is that market conditions should determine the worth of the Canadian dollar.

Due its soaring value and new record highs against the American currency, the Canadian dollar was named the Canadian Newsmaker of the Year for 2007 by Time Magazine ^[16]

Reserve currency

A number of central banks keep Canadian dollars as a reserve currency. The Canadian Newsmaker of the Year is a designation awarded by the Canadian edition of Time magazine Time (trademarked in capitals as TIME) is a weekly American Newsmagazine, similar to Newsweek and A reserve currency (or anchor currency) is a Currency which is held in significant quantities by many governments and institutions as part of their Foreign The Canadian dollar is considered to be a benchmark currency. ^[17]

See also

• Economy of Canada

References

External links

• Exchange Rate Lookup
• A History of the Canadian dollar
• Bank of Canada — bank notes
• Royal Canadian Mint
• History of the earliest forms currency in Canada
• Canadian Paper Money A resource for those interested in learning about and collecting Canadian paper currency

• Don's World Coin Gallery - Canada
• Ron Wise's World Paper Money - Canada ^{Mirror site}
• The Global History of Currencies - Canada
• Global Financial Data data series - Canada Dollar
• Global Financial Data currency histories table ( Microsoft Excel format)
• Banknotes of Canada at Will's Online World Paper Money Gallery
• Maple Leaf Web: The Canadian Dollar: Nature and Impacts of Canadian Exchange Rates
• Currency exchange calculator for the Canadian Dollar (CAD)