The Canadian dollar replaced earlier currencies like the Canadian Pound, Nova Scotian dollar, the British Columbian dollar, and others. Notable milestones for the currency include:
According to the Bank of Canada, the all-time high and low for the U.S. dollar/Canadian dollar exchange are:
October 1950 - present
Low
Date: 01/21/02
$1 CAN = 0.6179 US
High
Date: 11/07/07
$1 CAN = 1.1030 US
Monetary policies for the currency are determined by the Bank of Canada; however, the inflation-control target is set jointly by the Bank and the federal government. Exchange rates and changes can be found on their official website.
The relationship between the currencies of the U.S. and Canada are relevant since over 80 percent of exports from Canada are destined for the U.S. and over 50 percent of imports into Canada are from the U.S.
The service industry is the primary employment sector, but Canada’s logging and oil industries are important to the overall economy. They are a net exporter of energy and are home to the Athabasca Oil Sands - one of the world’s largest known oil reserves. Alberta is also home to important natural gas resources.
Agricultural products are also important and the Canadian prairies are among the world’s top producers of wheat, canola, and other grains.
Other natural resources like mining contribute to the economy - Canada is the world’s largest producer of zinc and uranium and also sits among the leaders in gold, nickel, aluminum, and lead production.
Manufacturing in Canada includes automobiles and aviation equipment. Some of these manufacturers are branches of larger U.S. or Japanese companies.
Canada has often posted low unemployment and large government surpluses although the recent global economic conditions have likely affected both of these numbers. According to recent Bank of Canada releases, the GDP is projected to grow per the following illustration:
Inflation projections are illustrated in the following:
Canada is a member of the Organisation for Economic Co-operation and Development (OECD) and a member of the G8.
Reports relevant to the overall economic condition of Canada are available through Statistics Canada and their official website.
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