Welcome to StockForums.info!   

Advertisments:


The canadian dollar is similar with the american dollar?

Trading Systems and Market Timing Models

The canadian dollar is similar with the american dollar?

Postby manasses » Fri Dec 07, 2012 4:36 pm

why do canadians adopted the dollar as their currency? and the canadian dollar has the same value in the market with the american dollar? for example in my country the american dollar values 13 mexican pesos
manasses
 
Posts: 33
Joined: Wed Oct 03, 2012 3:45 pm

The canadian dollar is similar with the american dollar?

Postby ruodrik » Fri Dec 07, 2012 4:42 pm

I could ask you the same thing...

The Mexican peso is similar to the Argentinian and Chilean peso. Why would you choose to have a currency that is the same as another country? The peso was first introduced in Spain, so that explains why Spanish-speaking countries may have used the peso. But Spain is now using the Euro, so why did Mexico not change too? (Things that make you go "Hmmmm")

Most governments base their currency on some sort of stable economic item. In Canada, like in USA, our currency is based on a decimal system and rated against the price of gold. We started with the Canadian Pound (way back in the 1840s) but quickly changed to the Dollar currency in 1850s and on because of our proximity to USA. Canada was doing a lot more trading with USA than with Great Britain, and so it made more sense to stick with the same currency as the Americans.

Also, keep in mind that while our "dollar" may currently be at approximately the same value as the American dollar, it was not always so. I remember a time in the 1980s when my Canadian dollar was only worth about 60 cents in US currency.

And don't forget that even in Mexico, the currency has changed in the past. The pesos you use now are actually referred to as "nuevos pesos" because they replaced the original currency that had become devalued from private banks printing up pesos as they needed them. The latest version no longer says "nuevos" on them, but they are still a newer version than the old peso.
ruodrik
 
Posts: 38
Joined: Mon Oct 29, 2012 10:13 pm

The canadian dollar is similar with the american dollar?

Postby thrythwig » Fri Dec 07, 2012 4:59 pm

There are similarities between Canadian and American dollars, but there are differences also.
Each dollar is 100 cents.
Each country has pennies (though Canada has stopped making pennies earlier this year. Pennies are still legal tender, for now), nickels, dimes, quarters in circulation. Canada has a 50 cent coin, which you hardly see circulating. People think they are worth more, but they aren't. Don't know if the US has circulating 50 cent coins.
Canada has $1 and $2 coins. US had them, but citizens didn't like them, so I think the US went back to $1 and $2 bills.
Canadian dollar and US dollar do not have the same value internationally. Sometimes the Canadian $ is worth more than the US $ and vice-versa.
There are also Euro-dollars and other countries that use dollars.
thrythwig
 
Posts: 31
Joined: Tue Oct 30, 2012 2:29 am

The canadian dollar is similar with the american dollar?

Postby reading22 » Fri Dec 07, 2012 5:16 pm

As someone else pointed out, lots of countries use the dollar as their currency.
The Americans didn't invent the dollar. It's been around since before the USA existed:
Link - http://en.wikipedia.org/wiki/Dollar

Canada chose to use the dollar as its currency to separate ourself from our colonial past.
As former colonies of France and Britain, we didn't want to use either of their currencies.
We wanted to use our own, so we created the Canadian dollar.

The Canadian dollar (CAD) called the Loonie because of the bird (a Loon) on our $1 coin.
Sometimes our dollar is worth a little more than the US dollar (USD) sometimes a little less.
It varies depending on daily international currency market trading.
At the moment, 1 USD = 0.980492 CAD.
reading22
 
Posts: 46
Joined: Wed Oct 03, 2012 1:08 pm

The canadian dollar is similar with the american dollar?

Postby rendall » Fri Dec 07, 2012 5:20 pm

Yes we do use dollars here, and at present the Canadian dollar is worth just a little more than the US greenback. Our dollar used to be much lower than the US dollar for many decades, but since the late 2000's it's been right around the same.

We 'adopted' the dollar as our unit of currency long long ago, and I'm not sure why and didn't ask. We like to put the Queen on most of our money and dead prime ministers on the rest, and then we put animals, birds and other stuff on the back of the bills. We like the different colours too, even in our coins. The $1 coin (the loonie) is gold-tone, and the deuce (the toonie) is a 2-part coin with a gold center and silver outer part.

We decided to go with the dollar probably because we were tired of carrying bottles of maple syrup everywhere to use as currency. That's just a guess, but I'm probably right.
rendall
 
Posts: 152
Joined: Tue Jun 26, 2012 12:03 am

The canadian dollar is similar with the american dollar?

Postby heath15 » Fri Dec 07, 2012 5:27 pm

Canada has used a dollar for a very long time, but, it varies in value against the US one. In my lifetime, it has varied between $.65 to $1.12 or so. It is worth a bit more than the US one now, by a few cents. The fact that they are close of sort of a co-incidence; the actual exchange rates change every day.
heath15
 
Posts: 52
Joined: Wed Oct 03, 2012 4:28 pm

The canadian dollar is similar with the american dollar?

Postby tait49 » Fri Dec 07, 2012 5:38 pm

the dollar is not just in america and Canada other countries have dollars to New Zealand,Australia,figi
and many more. the Canadian dollar is worth a little bit more than the american dollar at the mo.
maybe you should learn a little bit more.
tait49
 
Posts: 161
Joined: Mon Jun 25, 2012 5:03 pm

The canadian dollar is similar with the american dollar?

Postby kenzie » Fri Dec 07, 2012 5:39 pm

A Canadian dollar is not the same currency as an American dollar. They have the same names, but are different currencies. Right now, the Canadian and American dollars are worth about the same amount.
kenzie
 
Posts: 139
Joined: Tue Jun 26, 2012 1:22 am

The canadian dollar is similar with the american dollar?

Postby ame » Fri Dec 07, 2012 5:55 pm

Canadian and Americans don't want to be unified with their currency apparently. Yet, it doesn't make sense to me because they are usually worth the exact same value.
ame
 
Posts: 45
Joined: Wed Oct 03, 2012 4:13 pm


Return to Trading Systems

 


  • Related topics
    Replies
    Views
    Last post
cron