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Canadian dollar

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The Canadian dollar (symbol: $; code: CAD; dollar canadien) is the currency of Canada. It is abbreviated with the dollar sign $, or sometimes Can$ or C$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents (¢).

Owing to the image of a loon on the one-dollar coin, the currency is sometimes referred to as the loonie by foreign exchange traders and analysts, as it is by Canadians in general, or huard in French.

Accounting for approximately 2% of all global reserves, the Canadian dollar is the fifth most held reserve currency in the world, behind the U.S. dollar, the euro, the yen and the pound sterling. The Canadian dollar is popular with central banks because of Canada's relative economic soundness, the Canadian government's strong sovereign position, and the stability of the country's legal and political systems.

The 1850s were a decade of wrangling over whether to adopt a sterling monetary system or a decimal monetary system based on the US dollar. The British North American provinces, for reasons of practicality in relation to the increasing trade with the neighbouring United States, had a desire to assimilate their currencies with the American unit, but the imperial authorities in London still preferred sterling as the sole currency throughout the British Empire. The British North American provinces nonetheless gradually adopted currencies tied to the American dollar.

In 1841, the Province of Canada adopted a new system based on the Halifax rating. The new Canadian pound was equal to four US dollars (92.88 grains gold), making one pound sterling equal to 1 pound, 4 shillings, and 4 pence Canadian. Thus, the new Canadian pound was worth 16 shillings and 5.3 pence sterling.

In 1851, the Parliament of the Province of Canada passed an act for the purposes of introducing a pound sterling unit in conjunction with decimal fractional coinage. The idea was that the decimal coins would correspond to exact amounts in relation to the U.S. dollar fractional coinage.

In response to British concerns, in 1853 an act of the Parliament of the Province of Canada introduced the gold standard into the colony, based on both the British gold sovereign and the American gold eagle coins. This gold standard was introduced with the gold sovereign being legal tender at £1 = US$4.86 2⁄3. No coinage was provided for under the 1853 act. Sterling coinage was made legal tender and all other silver coins were demonetized. The British government in principle allowed for a decimal coinage but nevertheless held out the hope that a sterling unit would be chosen under the name of "royal". However, in 1857, the decision was made to introduce a decimal coinage into the Province of Canada in conjunction with the U.S. dollar unit. Hence, when the new decimal coins were introduced in 1858, the colony's currency became aligned with the U.S. currency, although the British gold sovereign continued to remain legal tender at the rate of £1 = 4.86 2⁄3 right up until the 1990s. In 1859, Canadian colonial postage stamps were issued with decimal denominations for the first time. In 1861, Canadian postage stamps were issued with the denominations shown in dollars and cents.

In 1860, the colonies of New Brunswick and Nova Scotia followed the Province of Canada in adopting a decimal system based on the U.S. dollar unit.

Newfoundland went decimal in 1865, but unlike the Province of Canada, New Brunswick, and Nova Scotia, it decided to adopt a unit based on the Spanish dollar rather than on the U.S. dollar, and there was a slight difference between these two units. The U.S. dollar was created in 1792 on the basis of the average weight of a selection of worn Spanish dollars. As such, the Spanish dollar was worth slightly more than the U.S. dollar, and likewise, the Newfoundland dollar, until 1895, was worth slightly more than the Canadian dollar.

Country

Canada

Canada is a country in the northern part of North America. Its ten provinces and three territories extend from the Atlantic to the Pacific and northward into the Arctic Ocean, covering 9.98 e6km2, making it the world's second-largest country by total area. Canada's southern border with the United States is the world's longest bi-national land border. Its capital is Ottawa, and its three largest metropolitan areas are Toronto, Montreal, and Vancouver. As a whole, Canada is sparsely populated, the majority of its land area being dominated by forest and tundra. Consequently, its population is highly urbanized, with over 80 percent of its inhabitants concentrated in large and medium-sized cities, many near the southern border. Canada's climate varies widely across its vast area, ranging from arctic weather in the north, to hot summers in the southern regions, with four distinct seasons.

Various indigenous peoples have inhabited what is now Canada for thousands of years prior to European colonization. Beginning in the 16th century, British and French expeditions explored, and later settled, along the Atlantic coast. As a consequence of various armed conflicts, France ceded nearly all of its colonies in North America in 1763. In 1867, with the union of three British North American colonies through Confederation, Canada was formed as a federal dominion of four provinces. This began an accretion of provinces and territories and a process of increasing autonomy from the United Kingdom. This widening autonomy was highlighted by the Statute of Westminster of 1931 and culminated in the Canada Act of 1982, which severed the vestiges of legal dependence on the British parliament.

Language

Canadian dollar (English)  Dollaro canadese (Italiano)  Canadese dollar (Nederlands)  Dollar canadien (Français)  Kanadischer Dollar (Deutsch)  Dólar canadense (Português)  Канадский доллар (Русский)  Dólar canadiense (Español)  Dolar kanadyjski (Polski)  加拿大元 (中文)  Kanadensisk dollar (Svenska)  Dolar canadian (Română)  カナダドル (日本語)  Канадський долар (Українська)  Канадски долар (Български)  캐나다 달러 (한국어)  Kanadan dollari (Suomi)  Dolar Kanada (Bahasa Indonesia)  Kanados doleris (Lietuvių)  Canadiske dollar (Dansk)  Kanadský dolar (Česky)  Kanada doları (Türkçe)  Канадски долар (Српски / Srpski)  Kanada dollar (Eesti)  Kanadský dolár (Slovenčina)  Kanadai dollár (Magyar)  Kanadski dolar (Hrvatski)  ดอลลาร์แคนาดา (ไทย)  Kanadski dolar (Slovenščina)  Kanādas dolārs (Latviešu)  Đô la Canada (Tiếng Việt) 
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