Wednesday, January 18, 2017 2:02 PM
Currencies rates online for Canadian Dollar (CAD) to US Dollar (USD).
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The Canadian dollar (symbol: $; currency code: CAD) is the official currency of Canada. To distinguish between it and other dollar-denominated currencies, the Canadian dollar is sometimes abbreviated as C$. One (1) Canadian dollar is equal to one hundred (100) cents.
The Canadian dollar is widely referred to by Canadians as the “loonie”, a term which forex traders and analysts also employ. This is due to the image of a loon on the one-dollar coin. The Canadian dollar is the fifth largest reserve currency in the world, behind the U.S. dollar, the euro, the Japanese yen and the pound sterling, and the seventh most traded currency in the forex market.
The Canadian dollar was preceded by the Canadian pound, which was introduced in 1841. A widespread need to adopt a decimal monetary system based on the U.S. dollar due to the proximity of the two countries and the increasing trading activities between the two lasted for years, before the Canadian dollar was eventually introduced in 1858. The Canadian Parliament passed the Uniform Currency Act in April 1871 to replace the currencies of all provinces with a common Canadian dollar.
The U.S. dollar (symbol: $; currency code: USD) is the official currency of the United States of America and its overseas territories. One (1) US dollar is equal to one hundred (100) cents.
The U.S. dollar is a Federal Reserve Note and the world’s dominant reserve currency. As such, it is the most converted currency in the world and the currency most used in international transactions. In addition, it features as the standard currency in the commodity market, having a key impact on commodity prices, and is the most popular and heavily traded currency in the forex market.
The dollar was adopted as the official money unit of the United States in 1785. The federal monetary system was established following the Coinage Act of 1792, which also created the first U.S. Mint. Paper currency was first issued by the U.S. government in 1862 in order to finance the Civil War. The first $10 Federal Reserve notes were issued in 1914, but it was not until 1929 that the U.S. currency began to feature the standard portraits on the front and monuments and emblems on the back of all bills.