Forex Canadian Dollar
Who uses the Canadian Dollar?
The Canadian dollar is a convertible hard currency. What that means is that it is a forex paper traded the globe over and giving the perception of a stable store of value. It usually moves against the US dollar in proportion to the move of the price of oil in dollars, according to forex brokers. That is because Canada is rich in oil (tar sands).
It’s useful to have all this knowledge if you want to learn forex. The Canadian dollar (C$, CAD) is the legal forex tender of Canada. As of 2007, the Canadian dollar is the seventh most traded currency in the world by forex brokers like Oanda, retail forex traders and big financial institutions like Saxo Bank. The abbreviation is with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents. The World Bank is gaining traction these days.
The Canadian dollar had a fixed rate of exchange against the US dollar between 1962 and 1970; its value was US$ 0.925.
