The Canadian Dollar (CAD) is the official currency of Canada. The symbol used for the Canadian Dollar is $, or C$ to distinguish it from other dollar currencies. The Canadian Dollar is subdivided into 100 cents.
Economy
Canada is rated the 9th largest economy in the world.
The economy of Canada is wealthy and stable.
Unemployment rate in Canada is estimated at 7.2%.
The main industries are chemicals, wood, paper products, food products, minerals, and transport equipment.
Export products are aircraft, telecommunications, timber, petroleum, crude, electronics, plastics, and machinery.
Import products are motor vehicles, machinery, equipment, durable goods, electricity, chemicals, and electronics.
71% of the GDP is accounted for by the service industry.
History
The province of Canada adopted the Canadian Pound in 1841.
In 1851, Canada passed legislation and the pound sterling was introduced.
In 1853, the gold standard was introduced in Canada.
Decimal coinage was introduced in Canada in the year 1858.
The gold standard rate was fixed until 1990.
In 1867, Canada, Nova Scotia, and New Brunswick united and became the Dominion of Canada. Their three currencies were also united.
In 1871, Prince Edward Island joined the Dominion of Canada.
During the First World War the gold standard was abandoned temporarily and was dissolved in 1933.
The Canadian dollar exchange rate was fixed to the US Dollar at 1.1 CAD = 1 USD during the Second World War.
In 1949, use of the British Pound was terminated and the Dollar remained pegged to the USD at 1.1 CAD = 1 USD.
In the 1950s Canada decided to have a floating currency; however, in 1962 the currency became a fixed exchange rate again at 0.925 USD = 1 Canadian Dollar. The peg was kept until 1970.
After 1970, the Canadian dollar became a floating currency.
