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The Canadian dollar is the currency of Canada. It is abbreviated with the dollar sign $. There is no standard disambiguating form, but the abbreviations Can$, CA$ and C$ are frequently used for distinction from other dollar-denominated currencies. It is divided into 100 cents (¢). Owing to the image of a common loon on its reverse, the dollar coin, and sometimes the unit of currency itself, may be referred to as the loonie by English-speaking Canadians and foreign exchange traders and analysts. Accounting for approximately 2% of all global reserves, as of January 2024 the Canadian dollar is the seventh-most held reserve currency in the world, behind the U.S. dollar, euro, yen, sterling, renminbi, and Australian dollar. The Canadian dollar is 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.