Tuesday, January 17, 2017 10:49 AM
Currencies rates online for Singapore Dollar (SGD) to Canadian Dollar (CAD).
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In order to convert currencies, please go to Canadian Dollar (CAD) to Singapore Dollar (SGD).
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The Singapore dollar (symbol: $; currency code: SGD) is the official currency of Singapore. It is sometimes abbreviated as S$, so as to distinguish between it and other dollar-denominated currencies. One (1) Singapore dollar is equal to one hundred (100) cents.
As a British colony, Singapore used the Straits dollar from 1845 until 1939, when it was replaced by the Malayan dollar. The latter was replaced by the Malaya and British Borneo dollar in 1953. After becoming an independent nation in 1965, Singapore introduced the Singapore dollar, with the first banknotes issued in 1967.
The Canadian dollar (symbol: $; currency code: CAD) is the official currency of Canada. To distinguish between it and other dollar-denominated currencies, the Canadian dollar is sometimes abbreviated as C$. One (1) Canadian dollar is equal to one hundred (100) cents.
The Canadian dollar is widely referred to by Canadians as the “loonie”, a term which forex traders and analysts also employ. This is due to the image of a loon on the one-dollar coin. The Canadian dollar is the fifth largest reserve currency in the world, behind the U.S. dollar, the euro, the Japanese yen and the pound sterling, and the seventh most traded currency in the forex market.
The Canadian dollar was preceded by the Canadian pound, which was introduced in 1841. A widespread need to adopt a decimal monetary system based on the U.S. dollar due to the proximity of the two countries and the increasing trading activities between the two lasted for years, before the Canadian dollar was eventually introduced in 1858. The Canadian Parliament passed the Uniform Currency Act in April 1871 to replace the currencies of all provinces with a common Canadian dollar.