LeoGlossary: Canadian Dollar

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The Canadian Dollar is the legal tender for the country of Canada. It is symbolized by the $ sign. The ISO 4217 code is CAD.

It can be divided into cents, with 100 for each dollar.

On the banknote, the common loon is depicted, leading it to be called the loonie.

Globally, the CAD is the 5th most held currency, accounting for 2% of reserves. The ones ahead are the USD, EURO, JPY, and GBP.

The Canadian dollar is popular with central banks because:

  • the relative economic soundness of Canada
  • the Canadian government's strong sovereign position
  • the stability of the country's legal and political system.

As of January 1, 2021, the $1, $2, $25, $500 and $1000 notes issued by the Bank of Canada are no longer legal tender. All other current and prior Canadian dollar banknotes issued by the Bank of Canada remain as legal tender in Canada.

Retailers in Canada may refuse bank notes without breaking the law. According to legal guidelines, the method of payment has to be mutually agreed upon by the parties involved with the transactions.

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