The Canadian Dollar (CAD) is the official currency of Canada and is considered a benchmark currency, meaning that many central banks across the globe keep Canadian dollars as a reserve currency
. Introduced in 1858, the Canadian dollar is the country's primary currency and is abbreviated with the dollar sign "$"
. One Canadian dollar is made up of 100 cents and is often presented as C$ to distinguish it from other currencies, such as the U.S. dollar
. The Canadian dollar has experienced fluctuations in its value over time, with its monetary policy heavily influenced by global commodity prices
. The currency has been in use since 1858 when the Province of Canada replaced the Canadian The various currencies of the provinces with the one national Canadian dollar
. Throughout Canada's history, the Canadian dollar has moved back and forth between being pegged to the U.S. dollar and being allowed to float freely
. When converting Canadian dollars to other currencies, such as the United States Dollar (USD), you can use the current exchange rate. For example, at the time of writing, $1 CAD is worth $0.76 USD
. To convert Canadian dollars to USD, you can use a simple mathematical formula: multiply the amount in CAD by the current exchange rate
