Canadian Dollars (CAD)
The Canadian dollar (CAD) is the official currency of Canada. One Canadian dollar is divided into 100 cents, and its symbol is C$ or CA$. The Bank of Canada is responsible for issuing and regulating the currency.
The Canadian dollar has a long history dating back to the early 19th century when it was first introduced as the official currency of Canada, then known as the Province of Canada. After Confederation in 1867, the Canadian government established the Bank of Canada as its central bank, with the responsibility of issuing and regulating the country’s currency.
Over the years, the value of the Canadian dollar has fluctuated against other major currencies such as the US dollar, euro, and British pound. Factors that have influenced the CAD exchange rate include global economic conditions, trade policies, political events, and interest rates set by the Bank of Canada.
Despite some fluctuations, the Canadian dollar has remained a relatively stable and widely traded currency on foreign exchange markets. As of my knowledge cutoff date of September 2021, one Canadian dollar was worth approximately 0.78 US dollars, which is a favorable exchange rate for Canadians traveling or doing business in the United States.