CAD - Canadian Dollar

The Bank of Canada, established in 1934 under the Bank of Canada Act, is the sole issuer and manager of the Canadian Dollar. The BOC is responsible for formulating and implementing monetary policy, and its primary target is to control inflation and maintain price stability within a 1% to 3% range. In addition to monetary policy, the BOC designs, issues, and distributes secure polymer banknotes incorporating advanced anti-counterfeiting features.

The Canadian Dollar was officially introduced in 1858, replacing the Canadian pound. Early on, the currency was pegged to the US dollar and the British pound, but it became fully decimalized to 100 cents per dollar in 1871. The Bank of Canada, established in 1934, gained 100% control over the issuance of CAD within one year.

Canada’s polymer notes were among the first to use transparent holographic windows for security. Moreover, the toonie was Canada’s first bimetallic coin in 1996, easy to spot by touch. Some bullion coins have hidden micro-engraved maple leaves, a subtle Canadian signature. Plus, the banknotes feature Indigenous art, honoring First Nations culture, with raised ink that helps visually impaired people identify denominations by feel.

The $ symbol, used worldwide for dollars, is also used for the CAD. C$ or CA$ is often used internationally to differentiate it. The loonie coin has become a national icon, influencing the nickname for the currency itself.