The Canadian dollar (sign: $; code: CAD) is the currency of Canada. It is normally abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.
The Canadian dollar is the 7th most traded currency in the world, behind the US dollar, the euro, the yen, the pound sterling, the Swiss franc and the Australian dollar.
A number of central banks (and commercial banks) keep Canadian dollars as a reserve currency. The Canadian dollar is considered to be a benchmark currency.
In the economy of the Americas the Canadian dollar plays a similar role to that which the Australian Dollar (AUD) does in the Asia-Pacific region. The Canadian dollar (as a regional reserve currency for banking) has been an important part of the British, French and Dutch Caribbean state's economies and finance systems since the 1950s. The Canadian dollar is held by many central banks in Central America and South America as well.
The Canadian dollar is used as a reserve currency around the world and is currently ranked 6th in value held as reserves.