Canadian Dollar
Canada is the second-largest country in the world. It produces and exports an abundance of natural resources … and cars, too. It has the third-greatest number of oil deposits2 in the world, after Venezuela and Saudi Arabia.
Since 2009, its balance of trade4 has been negative (exports less than imports) more often than not. Since COVID-19, it has been more negative and more volatile. It has been trending higher, though, along with the price of its biggest export: crude oil.
Originally called the Canadian pound, the currency was renamed the Canadian dollar (CAD) in 1858.
About Canada
GDP1
$2.1
Trillion
USD
Major Exports2
Crude Oil
Cars
Gas
Major Export Partners2
U.S.
China
Japan
Budget Deficit3
-3.6%
Trade Flows4
14.8
Billion
CAD
Pros and Cons of the Canadian Dollar
- Backed by a highly stable economy5
- Supported by major natural resource exports6
- Strong trade relationship with the U.S.7
- Oil-price dependence creates volatility6
- Sensitive to U.S. economic conditions7
- Limited global reserve-currency role8
1. https://tradingeconomics.com/country-list/gdp-per-capita
2. https://tradingeconomics.com/country-list/exports;?continent=g20
3. https://tradingeconomics.com/country-list/government-budget?continent=world
4. https://tradingeconomics.com/country-list/balance-of-trade
5. https://www.bankofcanada.ca/core-functions/financial-system/
6. https://natural-resources.canada.ca/
7. https://ustr.gov/countries-regions/americas/canada
8. https://data.imf.org/en/datasets/IMF.STA:COFER
How to Buy the Canadian Dollar
Currency CD
Term
APY
3 Month
0.25%
6 Month
0.25%
9 Month
0.25%
12 Month
0.25%
Currency Deposit Account
$2,500 minimum initial trade per currency. After initial trade, no minimum trade amount required.
Balance
APY
All Balances
0.00%
Available Currencies
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