What is the Currency of Canada?
Canada is a country located in North America and it has its own currency. The official currency of Canada is the Canadian Dollar (CAD). It is used by all citizens of Canada for their daily transactions, such as buying goods and services. The Canadian Dollar is also accepted in many other countries around the world, making it a widely-used currency.
The Canadian Dollar is divided into 100 cents, just like the US Dollar. Coins come in denominations of 5 cents, 10 cents, 25 cents, 50 cents, $1 and $2. Banknotes come in denominations of $5, $10, $20, $50 and $100.
History of the Canadian Dollar
The Canadian Dollar was first introduced in 1858 when the Province of Canada adopted the gold standard. In 1871, the Dominion of Canada was formed and the Canadian Dollar became the official currency. Since then, it has been used as the main form of money in Canada.
In 1931, Canada left the gold standard and began to use a floating exchange rate system. This means that the value of the Canadian Dollar fluctuates depending on economic conditions. Today, it is one of the most stable currencies in the world.
Where Can You Exchange Currency?
You can exchange your foreign currency for Canadian Dollars at banks or foreign exchange offices. Many airports also have foreign exchange offices where you can exchange your money before you leave for your trip. You can also use online services to convert your money into Canadian Dollars.
When travelling to Canada from another country, it’s important to make sure you have enough local currency with you so that you don’t run out while you’re there. It’s also important to check what type of payment methods are accepted in different parts of Canada before you travel.
Conclusion
The Canadian Dollar, or CAD, is the official currency of Canada and is used by all citizens for their daily transactions. It is divided into 100 cents and comes in both coins and banknotes. The history of the Canadian Dollar dates back to 1858 when it was first introduced as a form of money in Canada. You can exchange your foreign currency for CAD at banks or foreign exchange offices or use online services to convert your money into CAD.