The Canadian dollar (CAD) is the official currency of Canada. Its abbreviation is CAD in international finance and C$ or Can$ when written alongside other dollar currencies. Within Canada, prices are typically shown using the standard dollar sign $. The currency is issued by the Bank of Canada and is the world’s sixth most-traded currency.
The Canadian dollar abbreviation is CAD. The full ISO 4217 alphabetic code is CAD and the ISO numeric code is 124. The currency symbol is the dollar sign ($), often written as C$ or Can$ in international contexts to distinguish it from the US dollar and other dollar-denominated currencies.
One Canadian dollar is divided into 100 cents. The Canadian dollar is sometimes nicknamed the “loonie” (after the loon bird depicted on the C$1 coin) and is managed by the Bank of Canada. It has been freely floating against other currencies since June 1970.
Canadian Dollar Symbol & Abbreviation — $, C$, and CAD
Within Canada, the Canadian dollar is written simply as $ — a price of $50 in Toronto, Vancouver, or Montreal is understood to mean 50 Canadian dollars. In international and financial contexts, the prefix C$ (or, less commonly, Can$) is used to distinguish the Canadian dollar from the US dollar (US$), Australian dollar (A$), and other dollar currencies.
For banking, FX trades, SWIFT transfers, and international invoicing, the three-letter ISO code CAD is the standard abbreviation. The numeric ISO code is 124. Canadian banknotes and coins display values in both English and French — the only G7 currency to do so.
How to write Canadian dollars
The most common conventions for writing a Canadian dollar amount in formal or international contexts:
CAD 100
C$100
$100 CAD
Can$100
For official invoices, contracts, and cross-border payments, the format CAD 100.00 or C$100.00 is the clearest because it removes any ambiguity with the US dollar.
Canadian Dollar Quick Facts
| Official name | Canadian Dollar |
|---|---|
| ISO 4217 code | CAD |
| ISO numeric code | 124 |
| Symbol | $ (C$ or Can$ internationally) |
| Subunits | 100 cents |
| Issuing authority | Bank of Canada (Banque du Canada) |
| Banknote denominations | $5, $10, $20, $50, $100 |
| Coin denominations | 5¢, 10¢, 25¢, $1 (loonie), $2 (toonie) |
| Banknote material | Polymer (since 2011–2013) |
| Free float since | June 1970 |
| Most-traded pair | USD/CAD (the “loonie”) |
| Languages on notes | English and French (bilingual) |
A Short History of the Canadian Dollar
The Canadian dollar was introduced in 1858 when the Province of Canada decimalised its currency, replacing the Canadian pound at a rate of four dollars to one pound. The currency was unified across the new Dominion of Canada in 1871 and pegged variously to gold, the British pound, and the US dollar across the early 20th century.
In June 1970, the Bank of Canada allowed the Canadian dollar to float freely against the US dollar — the first major currency to do so during the breakdown of the Bretton Woods fixed-exchange system. With brief exceptions, CAD has traded freely on world markets ever since, ranging from a low of around US$0.62 in 2002 to a high of approximately US$1.10 in November 2007.
Canada introduced polymer (plastic) banknotes between 2011 and 2013, replacing the previous cotton-paper notes across all denominations. Polymer notes are more durable and harder to counterfeit. The Canadian $1 coin, depicting the common loon, was introduced in 1987 and gives the Canadian dollar its informal nickname, the “loonie”; the $2 coin, introduced in 1996, is known as the “toonie”.
Canadian Bank & Public Holidays Affecting CAD Payments
CAD transfers do not settle on Canadian federal statutory holidays. The Bank of Canada and Canadian commercial banks observe the following federal holidays in 2026 — provincial holidays may add further non-settlement days depending on the bank’s registered province.
- New Year’s DayThursday 1 January 2026
- Good FridayFriday 3 April 2026
- Victoria DayMonday 18 May 2026
- Canada DayWednesday 1 July 2026
- Civic HolidayMonday 3 August 2026 (most provinces)
- Labour DayMonday 7 September 2026
- ThanksgivingMonday 12 October 2026
- Remembrance DayWednesday 11 November 2026
- Christmas DayFriday 25 December 2026
- Boxing DayMonday 28 December 2026 (in lieu)
For time-critical CAD transfers, allow at least one extra working day around any of these dates. Provincial holidays such as Family Day (Ontario, Alberta, BC) in February or Saint-Jean-Baptiste Day (Quebec) on 24 June may also affect settlement depending on the originating or receiving bank’s province.
Transferring CAD — What to Know for Larger Payments
For private clients
Canadian property purchases (Toronto, Vancouver, Montreal), repatriation of pension and investment proceeds, gifting to Canadian-based family, and Canadian university fee payments are the most common reasons UK and international clients convert into or out of CAD with a specialist broker.
Above CAD 50,000, the rate margin matters: a 1% difference equals CAD 500. Forward contracts let you fix today’s rate for a transfer up to 12 months ahead.
For businesses
UK and EU businesses paying Canadian suppliers, settling Canadian payroll, or receiving CAD revenue typically benefit from a dedicated specialist for amounts over CAD 25,000 per transfer or recurring monthly volumes.
Cambridge Currencies operates with FCA-authorised partners Currencycloud (FRN 900199) and ScioPay (FRN 927951). All transfers are completed by phone with a dedicated specialist.
Popular CAD Currency Pages
Live rates, historical charts, and conversion tables for the most-traded Canadian dollar pairs.
Canadian Dollar (CAD) — Frequently Asked Questions
The Canadian dollar abbreviation is CAD — the three-letter ISO 4217 alphabetic code. In international writing, it is also commonly written as C$ or Can$ to distinguish it from other dollar currencies.
The Canadian dollar uses the dollar sign ($). When written alongside other dollar currencies (such as the US dollar), it is written as C$ to avoid ambiguity. The three-letter ISO code is CAD.
CAD is the ISO 4217 currency code for the Canadian dollar — the official currency of Canada, issued by the Bank of Canada. The numeric ISO code is 124. One Canadian dollar is divided into 100 cents.
CAD stands for Canadian Dollar. It is the standard three-letter abbreviation used by banks, currency exchange providers, and on international invoices to identify the currency of Canada.
The Bank of Canada (Banque du Canada) issues and manages the Canadian dollar. The Bank of Canada is responsible for monetary policy, including setting the official policy interest rate, and for designing and producing CAD banknotes.
The Canadian dollar was introduced in 1858 when the Province of Canada decimalised its currency, replacing the Canadian pound at a rate of four dollars to one pound. It was unified as the currency of the Dominion of Canada in 1871 and floated freely against the US dollar from June 1970.
The nickname comes from the Canadian $1 coin, introduced in 1987, which depicts a common loon (a Canadian water bird) on its reverse. The $2 coin, introduced in 1996, is similarly nicknamed the “toonie”.
In Canada, simply use the dollar sign: $100. Internationally, write C$100, Can$100, or CAD 100 to distinguish from other dollar currencies. For invoices and contracts, the format CAD 100.00 is clearest.
No. The Canadian dollar has been freely floating against other currencies since June 1970. The CAD/USD exchange rate is set entirely by the foreign exchange market, with no Bank of Canada intervention to fix it.
Yes. A forward contract lets you fix today’s exchange rate for a CAD transfer up to 12 months ahead. This is particularly useful for Canadian property purchases, university fee payments, and planned business transactions.
Authoritative sources used on this page
- Bank of Canada — banknotes, monetary policy, history: bankofcanada.ca
- ISO 4217 — currency codes standard: iso.org
- Bank for International Settlements — Triennial Survey of currency turnover: bis.org
- Government of Canada — statutory holidays: canada.ca