Whereas USD or US dollar is a global currency that matters a lot for international trade, tourism and what not, CAD or Canadian dollars are just the currencies that have been in circulation in the northern American country. Needless to say you need to convert your USD to CAD when you are in Canada and this is where there is a requirement for the exchanges that help you with their services. These are the organizations that help you exchange USD cash to CAD with ease.
Nonetheless, there was never so much easy a process before where you could buy US dollars online or sell USD cash for CAD. You could be in any country but the American currency is the one that is accepted everywhere; however, when you are looking for converting USD cash to CAD, you need to be careful. The global tender is definitely not just a method to pay for your bills but a great investment when you are in Canada.
Therefore, when you are investing in dollars, you are investing in a bright future but ultimately it should have to be converted in CAD.
Sell your USD Cash for CAD
You may have made a lot of USD but one aspect of Forex trading is that you know the popularity of the US Dollar. The popularity of USD speaks for itself and can be used in tons of international transactions; however, when you are in Canada you need to sell your USD cash and get CAD. Here it is important to understand that in case you are not able to get your hands on the local currency, this could be the only solution available.
Moreover, since CAD is the official currency of Canada and is considered to be a benchmark currency, your USD cash must be converted to the local currency. Interestingly, many central banks across the globe keep Canadian dollars as a reserve currency. CAD has been in use since 1858 when the Province of Canada replaced the Canadian pound with its first official Canadian coins.
Popularity of CAD Going Up
Earlier the Canadian dollar was pegged to the USD at par using the gold standard system of one dollar equaling 23.22 grins of gold. However, in 1871, Canada's federal government passed the Uniform Currency Act. With the new law the government of Canada replaced the various currencies of the provinces with the one national Canadian dollar or CAD.
Least but not the last, throughout the country's history, the Canadian dollar has moved back and forth between being pegged to the USD and being allowed to float freely. Now, you can exchange USD cash to CAD with the help of exchanges offering their exclusive services in Toronto and other cities of Canada.