Business, Legal & Accounting Glossary
The Canadian dollar is the currency of Canada. Canada introduced the Canadian dollar as Canada’s official currency in 1858. CAD is the currency code for the Canadian dollar. C$ is the symbol for the Canadian dollar. Over the years and depending on Canada’s monetary policies, the Canadian dollar has either been floating freely or been pegged to the US dollar. For example, between 1962 and 1970, the Canadian dollar was pegged to the US dollar but in 1970, the Canadian dollar became a free-floating currency once again. The Bank of Canada, the central bank for Canada, is in part responsible for Canada monetary policy and distributes the Canadian dollar. The Canadian dollar is one of the major currencies trading on foreign exchange (Forex) markets.
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This glossary post was last updated: 4th February, 2020