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The Canadian dollar is the official currency of Canada. It is presented with the currency code of CAD and symbol $, or C$, CA$ or CAD$. The currency is also nicknamed "the loonie" in relation to an image of a loon that is featured on its 1 dollar coin. It is made up of 100 cents and is controlled by the Central Bank of Canada. The Canadian dollar was introduced in 1858 to replace the sterling pound. It was initially pegged to the US dollar up until 1970 when it became a floating currency. It is issued in banknotes of 5, 10, 20, 50 and 100 dollars and coins of 5¢, 10¢, 25¢, 50¢, $1, and $2.
Canada has a dynamic and modern economy that is very sensitive to commodities prices. The Canadian dollar is often regarded a commodity currency alongside other currencies like the Australian dollar and New Zealand dollar due to its heavy dependence on the export of natural resources, notably oil and gas. The CAD ranks as the seventh most-traded currency in the foreign exchange market. The most commonly traded pair involving the Canadian dollar is the US dollar, USDCAD, due to its strong ties with the United States as a major trading partner.
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TRADE RESPONSIBLY: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.
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