Canadian Dollar/United States dollar

The Canadian Dollar (CAD) is the official currency of Canada and is used by investors and financial markets to buy and sell goods and services, as well as to speculate on the currency's value. The CAD is heavily traded on global currency markets and is a major reserve currency, meaning that it is held by central banks and other institutions as a way to diversify their portfolios. The CAD is also used to price commodities such as oil, which is important for Canadian exporters, and to buy or sell assets in the Canadian stock and bond markets.