What is Canadian Dollar Called?
The Canadian dollar, officially known as the “Canadian dollar,” is the currency used in Canada. It is denoted by the symbol “CAD” and is subdivided into 100 cents. The currency is managed by the Bank of Canada, which is responsible for its issuance and regulation. The Canadian dollar is one of the most traded currencies in the world, and it holds a significant position in the global financial markets.
The name “Canadian dollar” is commonly used to refer to the currency, but there are other terms that people may use when talking about it. One such term is “loonie,” which is a colloquial name for the Canadian one-dollar coin. The “loonie” was introduced in 1987 and features a loon, a type of waterfowl native to Canada, on its reverse side. This coin has become a symbol of Canada and is widely recognized both domestically and internationally.
Another term often used is “buck,” which is a slang term for the dollar in various English-speaking countries. However, it is important to note that “buck” is not the official name for the Canadian dollar. The term is more commonly used in casual conversations or when referring to the currency in a general sense.
In addition to these terms, there are also specific names for different denominations of the Canadian dollar. For example, the five-dollar bill is sometimes referred to as a “fiver,” and the twenty-dollar bill is known as a “twentie.” These names are used to make it easier to identify and discuss specific denominations of the currency.
The Canadian dollar has a rich history and has undergone several changes over the years. In the early 20th century, Canada used the British pound as its currency. However, in 1858, Canada introduced its own currency, which was initially known as the “Canadian.” The name was later changed to “Canadian dollar” to reflect its value as one dollar.
The Canadian dollar has also been influenced by various economic factors, including trade relationships with other countries and fluctuations in commodity prices. As a result, the value of the Canadian dollar can vary compared to other currencies, such as the US dollar or the euro.
In conclusion, the Canadian dollar is commonly referred to as the “Canadian dollar,” but there are other terms, such as “loonie” and “buck,” that are used in different contexts. Understanding these various names can help in communicating effectively about the currency in Canada and its role in the global financial system.
