Currency profile
Canadian Dollar (CAD)
The Canadian dollar (CAD) is the official currency of Canada, divided into 100 cents. It floats freely, is issued by the Bank of Canada, and is often described as a commodity currency because of Canada’s resource exports.
The Canadian Dollar today
Mid-market · as of 6:12 PM GST
The dollar floats freely, so its rate is set by the market and by Bank of Canada policy. As a commodity-linked currency it often moves with oil and other resource prices.
Exchange-rate regime
Free-floating. The Canadian dollar floats freely; the Bank of Canada has not intervened in the currency market since 1998. Canada was an early adopter of a floating rate, floating the dollar in 1950, briefly pegging it in the 1960s, and floating it again from 1970.
The issuing central bank
The Bank of Canada was created by the Bank of Canada Act of 1934 and opened the following year; it issues the dollar.
History
- 1934The Bank of Canada was created by the Bank of Canada Act; it opened the following year.
- 1950Canada floated the dollar — unusual at the time under the Bretton Woods system.
- 1962The dollar was pegged at 92.5 US cents.
- 1970Canada returned to a floating exchange rate, which it has kept since.
- 2013The one-cent coin (the penny) was withdrawn; cash totals now round to the nearest five cents.
Coins and banknotes
One dollar is divided into 100 cents. Coins: 5, 10 and 25 cents and 1 dollar (the loonie) and 2 dollars (the toonie); the penny was withdrawn in 2013. Banknotes: 5, 10, 20, 50 and 100 dollars, issued by the Bank of Canada.
Popular Canadian Dollar pairs
What moves it
- The dollar floats freely, with the Bank of Canada rarely intervening; its rate reflects policy and market demand.
- It is a commodity currency — Canada is a major exporter of oil and other resources, so their prices influence the dollar.
- The Bank of Canada targets 2% inflation, and its policy relative to the US Federal Reserve moves the exchange rate.
Structural facts reviewed 8 August 2026 · reviewed quarterly. Sources: Bank of Canada. Live rates are mid-market — see our Methodology and Editorial Policy.