Canadian dollar exchange rate - CAD/PLN

The Canadian dollar was introduced into circulation in 1858, replacing the Canadian pound, which had previously been used in Canada, back in colonial times. The decision to adopt the CAD instead of the pound stemmed from a desire to unify the currency in North America, where the US dollar was dominant. Initially, the Canadian dollar exchange rate was based on silver parity, and later pegged to gold. During World War I, however, Canada abandoned the gold standard due to war spending. After the end of World War II, as a result of the launch of the Bretton Woods system, the CAD was linked to the US dollar, where CAD 1 = USD 1. After the collapse of this system in 1971, the Canadian dollar exchange rate became floating, allowing Canada greater flexibility in conducting monetary policy. Throughout the 1980s and 1990s, the Canadian dollar experienced declines in value against the US dollar as a result of global financial crises and changes in the world economy. Only at the beginning of the 21st century did the CAD begin to gradually gain in value, as a result of rising prices for resources such as oil and metals, from which Canada derived significant revenues. The value of the Canadian dollar is closely related to commodity exports, and its exchange rate often fluctuates depending on the global market situation. In 2011, Canada began producing polymer banknotes, which are more durable and better protected against counterfeiting.

One Canadian dollar is divided into 100 cents. There are coins in circulation in denominations of 5, 10 and 25 cents, as well as CAD 1 and CAD 2. Canadian coins have their own unique designs, e.g. the CAD 1 coin, called a „loonie” by Canadians, features a common boar – a local bird that looks a bit like a penguin. On the CAD 2 coin, called a „toonie”, on the other hand, we can see a polar bear. On the obverse of each of the Canadian coins we can find an image of Queen Elizabeth II. CAD banknotes come in denominations of CAD 5, 10, 20, 50 and 100. On their front sides we will see portraits of important figures in Canadian history, such as Wilfried Laurier - former president of the country on the CAD 5 denomination, former Prime Minister John A. Macdonald on the CAD 10 banknote, or Queen Elizabeth II again. On the backs of Canadian banknotes we will see, among others, the Tomb of the Unknown Soldier (CAD 50), the Canadian space arm Canadarm2 (CAD 5) or the achievements of Canadian medicine (CAD 100). Canadian banknotes use modern security methods, on which we can also find elements related to Canada, such as a seemingly transparent window in which, by placing the banknote at the right angle, we can see the Canadian Parliament building, as well as miniature holographic images of historical figures.