I am trying to understand the point of different currencies, if all currencies are just an factor away from each others, i.e. $1 Canadian = 0.7 euro = 0.75 USD and so on. What prevents a global currency? For sake of argument let's say everyone wants to switch to using the Canadian dollar.
Unless I am wrong that would mean that someone living in the USA with 100 USD would then have $133 Canadian. This would seem that they have more money now but the prices of American goods would go up accordingly. So if there was product that cost 10 USD, this person could buy 10. The new price would be $13.3 Canadian and the person could still only buy 10 items.
I am not trying to change the world with this. I simply want to know if I am missing something about the purpose of each country having a specific currency.