Canadian Dollar Currency

1. The main industrial sector of the country is food products, transport equipment, minerals, paper products, wood, and chemicals.
2. After Venezuela and Saudi Arabia, Canada is known to have the third-largest oil deposits in the world.  
3. In the world, Canada stands in the fourth position in oil and natural gas export.
4.  The service industry account for more than 70% of the total gross domestic product (GDP) in Canada as the country features a mixed economy.  
5. Some of the products that the country also exports are petroleum, electronics, machinery, plastics, telecommunication, timber, and aircraft.  
6. Some of the products that Canada imports are durable goods, chemicals, electronics, machinery and equipment, and motor vehicles.
7. According to the Corruption Perceptions Index, Canada is marked as one of the least corrupt countries in the world.
8. The country’s GDP is estimated at almost US$1.75 trillion as of 2020.
9. By nominal GDP, Canada stands in the ninth position as the largest national economy in 2020.
10. Canada is the third richest country in the world in terms of natural resources with the estimated worth of Canada’s commodities standing at around US$33.2 trillion.
11. Toronto Stock Exchange is ranked as the eighth largest stock exchange in terms of global market capitalisation.

Note: There are over 1500 companies which have over US$3 trillion as combined market capitalisation.

History of Canadian Dollar

Here is the list of significant details regarding the history of the Canadian Dollar currency:

1. The currency was first introduced in early 1960 as French colonists were bringing coins into the country.
2. The province of Canada adopted the Canadian Pound as a British colony in 1841.
3. Montreal Bank issued the first banknote in 1821, which became the main method of payment in Canada.
4. The Canadian dollar was aligned with the US dollar, replacing the Canadian pound in 1858, which was brought about with US dollars and British sovereign gold coins that were serving as the legal tender in Canada.
5. Under an act of the Parliament of the Province of Canada in 1853, the gold standard was established in the country.
6. The pound sterling was introduced after Canada passed legislation in 1851.
7. Many different currencies were replaced by one national Canadian Dollar in various provinces across the country after the Uniform Currency Act was passed in 1871.
8. In 1933, the gold standards were temporarily dismissed due to the First World War.  
9. While during the Second World War at the fixed exchange rate of 1 USD to 1,1 CAD, the Canadian dollar was pegged to the US dollar.
10. The Canadian dollar became a floating currency after 1970.
11. CAD has pegged to the US dollar again from 1962 to 1970, though Canada decided to have a floating currency in 1950.  
12. The Canadian dollar remained pegged to the USD in 1949, after the devaluation of GBP and termination of the British Pound.

Other Details About Canadian Dollar

The following are some of the significant details related to Candian Dollar currency: