Canadian Dollar (CAD)
Canadian Dollar information, convert to all major global currencies, check exchange rates for CAD with the SendWave Currency Converter calculator.
The Canadian Dollar is the official currency of Canada, and is represented by the ‘$’ symbol. Like other dollar currencies, Canadian Dollars are often called ‘Bucks’ – but they’re also called ‘Huard’ or ‘Piastre’ (in French). Today, the Canadian Dollar (CAD) is the seventh most traded currency in the world.
The Canadian Dollar
The Canadian Dollar is the official currency of Canada, and is represented by the ‘$’ symbol. Like other dollar currencies, Canadian Dollars are often called ‘Bucks’ – but they’re also called ‘Huard’ or ‘Piastre’ (in French). Today, the Canadian Dollar (CAD) is the seventh most traded currency in the world.
Key characteristics of the Canadian Dollar
Key Characteristics | |
|---|---|
ISO currency code | CAD |
Common names | Bucks, Huard, Piastre, Loonies, Toonies |
Symbol | $ |
Minor unit | Cent (¢) |
Coin denominations | 5¢, 10¢, 25¢, 50¢ |
Bank note denominations | $1, $5, $10, $20, $50, $100 |
Central Bank | Bank of Canada |
A brief history of the Canadian Dollar
Currency, as we would recognise it today, arrived in Canada in the early 1660s. French colonists brought coins with them, which were soon used for trading commodities. The first bank notes were issued later, in 1821, by Montreal Bank – and then, in 1841, under British colonial rule, the Canadian Pound was introduced.
The Canadian Dollar arrived in 1858, aligning with the US Dollar. And in 1934, the Bank of Canada was officially established, allowing for centralised regulation of currency.
3 fun facts about the Canadian Dollar
#1 The only currency mad enough to have ‘Loonies’ and ‘Toonies’
‘Loonie’ is a poplar nickname for the Canadian one-dollar coin – this is because of the Loonie Bird (an aquatic bird, similar to a duck) that features on one side. A ‘Toonie’…you guessed it…is common slang for a two-dollar coin (a combination of the words ‘Loonie’ and ‘Two’).
#2 CAD is a top 10 ‘most traded’ currency
That’s right. The Canadian Dollar is often ranked the seventh most traded currency on the foreign exchange market.
#3 No more pennies…
The Bank of Canada has taken the one-cent coin, the ‘penny’, out of circulation. This means all cash transactions are rounded to the nearest 5 cents. All non-cash transactions, though, are still completed to one-cent values.
Which countries use the Canadian Dollar?
The Canadian Dollar is official currency in Canada only.
Send in Canadian Dollar
Make a world of difference, and send money to friends and family, in Canadian Dollars, today.
