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CAD is the currency abbreviation for Canada’s official currency, the Canadian dollar. It is made up of 100 cents and has been the country’s official currency since 1871. It was only allowed to float in 1950. Unsurprisingly, the CAD uses the neighbouring United States dollar as a benchmark and its value is directly related to one of Canada’s biggest exports, crude oil. Post 2000, the Canadian dollar has also gained popularity as a reserve currency for many countries.
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