Editing Canadian dollar (section)

==Reserve currency==
{{Most traded currencies|efn=yes}}

A number of central banks (and commercial banks) keep Canadian dollars as a reserve currency. The Canadian dollar is considered to be a benchmark currency.{{Citation needed|date=October 2020}}

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. The Canadian dollar (as a regional reserve currency for banking) has been an important part of the British, French and Dutch Caribbean states' economies and finance systems since the 1950s. The Canadian dollar is held by many central banks in Central and South America as well.<ref>{{Cite web|title=Canadian dollar gaining ground as reserve currency, IMF data shows|url=http://ca.news.yahoo.com/canadian-dollar-gaining-ground-currency-153509886.html|access-date=October 8, 2020|website=ca.news.yahoo.com|date=October 2, 2014 |language=en-CA|archive-date=May 9, 2021|archive-url=https://web.archive.org/web/20210509195756/https://ca.news.yahoo.com/canadian-dollar-gaining-ground-currency-153509886.html|url-status=live}}</ref>{{Citation needed|reason=Reliable source needed for the whole paragraph|date=July 2019}}

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. The Canadian dollar has fully evolved into a global reserve currency only since the 1970s, when it was floated against all other world currencies. Some economists have attributed the rise of importance of the Canadian dollar to the long-term effects of the [[Nixon Shock]] that effectively ended the Bretton Woods system of global finance.<ref>{{cite news |title=A Look At The History Of The Canadian Dollar |url=https://www.knightsbridgefx.com/a-look-at-the-history-of-the-canadian-dollar/ |access-date=February 11, 2019 |website=KnightsBridgeFX |archive-date=February 12, 2019 |archive-url=https://web.archive.org/web/20190212070614/https://www.knightsbridgefx.com/a-look-at-the-history-of-the-canadian-dollar/ |url-status=live }}</ref>