![]() The portrait, which depicts Laurier wearing a Prince Albert coat, was engraved by American Bank Note Company's master engraver, Edwin Gunn.,000 note carries a portrait of Sir Wilfrid Laurier, Canada's seventh prime minister. ,000 note carries a portrait of Sir Wilfrid Laurier, Canada's seventh prime minister. The portrait, which depicts Laurier wearing a Prince Albert coat, was engraved by American Bank Note Company's master engraver, Edwin Gunn.,000 Note (1935\u201337)", "caption_en": "The front of the The front of the Since then the Canadian dollar has fluctuated from as high as US$1.08 in 2007 to as low as US$0.62 in 2002. It was pegged to the US dollar (USD), meaning that CAD’s value rose and fell at the same rate as USD, between 18 and again between 19. The Canadian dollar (CAD) has fluctuated between fixed and flexible exchange rates throughout its history. In 1871, the Uniform Currency Act and the Bank Act fully standardized dollars across Canada and established dollar denominations: dollars, cents, and mills (one tenth of a cent). Decimalization aligned currency in the Province of Canada with the US dollar, and New Brunswick, Nova Scotia, Newfoundland, and British Columbia also adopted decimal-based currencies in the 1860s.Īfter Confederation, Ontario, Québec, New Brunswick, and Nova Scotia adopted the Canadian dollar, which was mainly backed by the gold standard. In 1858, the decimal-based dollar replaced the Canadian pound, which was divided into shillings and pence. Many currencies were exchanged in what is now Canada before the centralization of the Canadian dollar. CAD is often referred to as a “commodity currency” because its value often correlates to commodity prices, especially the price of softwood lumber, minerals and crude oil. Trading is mostly carried out by chartered banks and large corporations in Toronto, Montréal, and New York. CAD is considered a benchmark currency because it is held as a reserve currency by many central banks around the world. Under the flexible exchange rate system, the value of the Canadian dollar is continuously determined by trading in the foreign exchange market, where CAD is among the most traded currencies. The term Canadian dollar also denotes the exchange value of Canada’s currency in relation to other countries’ currencies. The Canadian one-dollar coin, nicknamed the loonie, was introduced in 1987 featuring a design by artist Robert-Ralph Carmichael.
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