Canadian Dollar to Rand

Background of Canadian Dollar to South African Rand Exchange

  • Canada and South Africa established diplomatic relations in 1939 and Canada maintains a trade office in Johannesburg. Both countries are former British colonies and members of the Commonwealth of Nations. In Canada, South Africa maintains a High Commission, Consulate-General and has honorary consuls two cities.

  • Canada and South Africa maintain this good relationship and are both members of multilateral organisations like the Commonwealth and the G20.

    The two countries hold continuous strategic bilateral consultations on foreign policy, trade and investment, innovation, science and technology, the environment and climate change, education and culture. View live Canadian dollar to rand price

  • As one of Africa’s most diversified and largest economies, South Africa is a preferred destination for Canadian goods and services on the African continent. In 2017, two-way merchandise trade between Canada and South Africa totalled $1.27 billion – $354 million in exports from Canada and $917 million in imports from South Africa.

  • Canada is also a significant investor in South Africa, focusing on the mineral and mining sector, transportation, food processing, hospitality, information and communication technologies, and instrumentation sectors.

  • Trade and investment between Canada and South Africa are facilitated by a memorandum of understanding on cooperation in mining and mineral development and a Double Taxation Agreement.

What is a Canadian Dollar and where is it used

  • Canadian provinces in northern America uses the Canadian dollar as currency. People also refer to the CAD as the Loonie, buck, Huard, and Piastre (in French).

  • The Canadian dollar is the fifth most held reserve currency in the world, behind the U.S. dollar (USD), the euro (€), the yen (¥) and the pound sterling (£). It is held as a reserve currency and is also known as a commodity currency mainly due to the country’s substantial raw material exports. The Canadian dollar is further popular with central banks because of Canada’s relative economic soundness, the Canadian government’s strong sovereign position, and the stability of the country’s legal and political systems.

History of the Canadian Dollar

  • Currency as method for payment and transacting was introduced to Canada when French colonists brought coins to the area in the early 1660s. The first banknotes in Canada were issued in 1821 by the Montreal Bank.

  • In 1841, as a British colony, the Province of Canada began to issue a currency called the Canadian Pound; which was replaced by the Canadian dollar aligned with the US dollar in 1858. During this time, both US dollars and British Gold Sovereigns were legal tender within Canada’s borders.

  • During the 1850s it was strongly debated in Canada whether to adopt a sterling monetary system or a decimal monetary system based on the US dollar. The British North American provinces, for the sake of increasing trade with the neighbouring United States, desired to assimilate their currency with the American unit, but the imperial authorities in London preferred sterling to be used as sole currency throughout the entire British Empire.

  • After Canadian Confederation, the government decimalised the currency and a new series of coins were issued in the Dominion of Canada. The Bank of Canada was established in 1934 and issued its first banknotes a year later.

    View the live Canadian dollar to South African Rand exchange rate

  • The first “Loonie” coin was introduced in 1987 and the two-dollar coin (often called the Toonie) was launched in 1996. Since 2011, when the Central Bank of Canada issued the latest in a series of bank notes, it is printed on a more durable polymer material.

Current Denominations, Abbreviations, Valuations of the Canadian Dollar

  • The Canadian dollar (French: dollar canadien) as currency of Canada is abbreviated with the dollar sign $, or sometimes CA$, Can$[1] or C$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents (¢). The Canadian dollar’s currency code is CAD.

  • Canadians often use the slang term “buck” for a former paper dollar. The Canadian origin of the term derives from a coin produced during the 17th century with a value equal to the pelt of a male beaver – a “buck”.

  • When the common loon (a large member of the loon, or diver, family of birds) appeared of on the back of the $1 coin that replaced the bill in 1987, the word “loonie” was adopted in Canadian jargon to distinguish the Canadian dollar coin from the dollar bill. When the two-dollar coin was introduced in 1996, the derivative word “toonie” (“two loonies”) also became a common slang term.

The South African Rand and where it is used

  • The rand is legal tender in the common monetary area between South Africa, Eswatini, Lesotho and Namibia, although the last three countries have their own currencies attached to the rand’s value. Before 1976 the rand was legal tender in Botswana too.

Origin of the word Rand

  • The rand got its name from the Witwatersrand (English “white waters’ ridge”), the ridge upon which Johannesburg is built and where most of South Africa’s gold deposits are mined.

Current Denominations, Abbreviations, Valuations of the Rand

  • When referring to the currency, the abbreviation is usually upper case “R”, but the name is written “rand” in lower case in both English and Afrikaans.
    The rand is subdivided into 100 cents (sign: “c”) and its ISO 4217 code is ZAR, from Zuid-Afrikaanse rand (South African rand); the ZA being a historical relic from Dutch and not used in any current context except the country abbreviation.

History of the South African Rand as currency

  • As a trading centre, multiple currencies circulated throughout South Africa, with the first official currency used the Guilder. During the late 17th century, the Rixdollar was used, the first South African currency to include paper notes.

  • Since 1826, from British occupation, the country used sterling, while other currencies like Spanish dollars, US dollars, French francs, and Indian rupees continued to circulate.

  • The Reserve Bank of South Africa was established as the central bank in 1921 and on 14 February 1961, three months before the Union of South Africa became a republic, the rand was introduced as its official currency. It replaced the South African pound as legal tender, at the rate of two rand to one pound, or 10 shillings to the rand.

  • Coins were introduced in 1961 in denominations of 1⁄2, 1, 21⁄2, 5, 10, 20, and 50 cents, the smaller ones later discontinued. The 2-rand coin was introduced in 1989, followed by 5-rand coins in 1994. To curb counterfeiting, a new 5-rand coin with more security features was released in 2004. The first series of rand banknotes introduced in 1961 was in denominations of 1-, 2-, 10-, and 20-rand.

  • In 1966, a second series was released. All notes bore the image of Jan van Riebeeck. A 1978 series began with denominations of 2-, 5-, 10- and 20-rand, with a 50-rand introduced in 1984. The 1-rand note was replaced by a coin.

  • In the 1990s, the notes were redesigned with images of the Big Five wildlife species and coins were introduced for the 2- and 5-rand. In 1994, 100- and 200-rand notes were introduced. In 2012 a new set of banknotes bearing Nelson Mandela’s image was issued.

South African Rand rates and a currency converter

  • Most currency rankings show that the most popular South Africa Rand exchange rate is the USD to ZAR rate.

Most important exchange rate history of the Rand

  • The rand has developed into a liquid emerging market currency, most commonly traded against the US dollar. Despite originally enjoying strong value in the ever-changing international economy, the system of Apartheid in South Africa ultimately caused the rand to lose footing on the global market.

  • From the time of its inception in 1961 until late in 1971 one rand was worth US$1.40. thereafter its value fluctuated as various exchange rate dispensations were implemented by the South African authorities.

  • In 1974 the South African authorities delinked the rand from the dollar and introduced a policy of independent managed floating. At the time it was trading at 87 cents to the dollar.

  • Several factors however affected the exchange rate. By the early 1980s, high inflation and mounting political pressure and sanctions due to international opposition to the apartheid system, had started to erode its value.

  • By 1985 it had weakened to R 2.40 per dollar, recovered somewhat between 1986–88, but by the end of 1989, was trading at more than R 2.50 per dollar. By the 1994 general election it had weakened to over R 3.60 to the dollar and by 1999 to over R 6 to the dollar.

  • The rand/dollar exchange in the post-apartheid South Africa had been largely impacted by national and international social, political and economic events. The controversial land reform programme of Zimbabwe, followed by the September 11, 2001 attacks, sent it to R 13.84 to the dollar in December 2001.

  • This sudden depreciation led to a formal investigation, in turn leading to a dramatic recovery but in 2006 resumed its downward slide. In January 2014, the rand slid to R11.25 to the dollar and over a four-day period in December 2015, it dropped over 10% due to a surprise replacement of then Finance Minister Nhlanhla Nene with the little-known David van Rooyen. This further damaged international confidence in the rand, causing an all-time low of R 17.9169 to the US dollar on 9 January 2016.

  • In 1983, the apartheid government abolished the financial rand exchange rate system and key international banks refused to renew credit lines for South Africa, which forced the temporary closure of the foreign-exchange market in the country.

Canadian dollar to Rand exchange rate

  • On 27 January 2020 one South African rand could be exchanged for 0,091 Canadian dollar. One Canadian dollar was worth 11,02 South African rand.

  • During the previous 30 days the highest exchange rate was 11.1150 rand to one Canadian dollar, the lowest was 10.7290 rand and the average 10.9607. In the last 90 days the highest rate was 11.4722 South African rand to one Canadian dollar, the lowest was 10.7256 and the average rate was 11.0447 South African rand to one Canadian dollar. The volatility for these two periods was 0.61% and 0.56% respectively.

Brief exchange rate history of the Canadian Dollar

  • Since 76.7% of Canada’s exports go to the US, and 53.3% of imports into Canada come from there, Canadians are mainly interested in the value of their currency against the USD. Any rise in the value of the USD increases the price of Canadian exports to the US, but there are advantages to a rising in that it is cheaper for Canadian industries to purchase foreign material and businesses.

  • The Canadian dollar historically tended to move in tandem with the USD on world markets but in recent years dramatic fluctuations in the value of the Canadian dollar have tended to correlate more with shifts in oil prices, reflecting the Canadian dollar’s status as a petrocurrency due to Canada’s significant oil exports.

  • In the economy of the Americas, the Canadian dollar plays a similar role to that of the Australian dollar (AUD) in the Asia-Pacific region. As a regional reserve currency for banking it has been an important part of the British, French and Dutch Caribbean states’ economies and finance systems since the 1950s. The Canadian dollar has fully evolved into a global reserve currency only since the 1970s, when it was floated against all other world currencies.

  • By observing how the Canadian dollar behaves against the U.S. dollar, foreign exchange economists can indirectly observe internal behaviours and patterns in the U.S. economy that could not be seen by direct observation.

FAQ Canadian Dollar to Rand:

 

What is the Canadian dollar to the rand?

Please click on the link to view the live realtime rate of the Canadian dollar to Rand.

 

What is the Canadian dollar?

The Canadian dollar is the official currency of Canada.

 

What is the Canadian dollar Official Currency Symbol?

$, or sometimes CA$, Can$ or C$

 

Can I convert Canadian dollars to rand on SAShares?

Yes, you can. We have a realtime conversion calculator.

 

Can I trade currencies in SA Shares?

Yes, you can open a FREE Trading account.

 

 

 

Canadian dollar to rand