Introduced in 1858, the Canadian dollar (CAD) is the official currency of Canada. The symbol of the Canadian dollar is $, with symbols such as CA$, Can$ and C$ also sometimes used to distinguish CAD from other dollar-denominated currencies.
Being developed and distributed by Canada’s central bank, the Bank of Canada (BOC), the Canadian dollar banknotes are issued in five denominations: $5, $10, $20, $50 and $100. CAD is divided into 100 cents and its coins are issued by the Royal Canadian Mint in seven denominations: 1c, 5c, 10c, 25c, 50c, $1 and $2.
CAD acts as the fifth most-held reserve currency in the world after the US dollar (USD), the euro (EUR), British pound sterling (GBP) and the Japanese yen (JPY). The Canadian dollar, ranking as the sixth most traded currency globally, is also known as a commodity currency, due to Canada’s rich natural resources and significant raw material exports.