I have a magento store currently running 188.8.131.52 and it has two languages (French and English). W only sell to the USA and Canada. We currently have the default currency as US with Canadian currency allowed. What we would like to setup two paypal accounts one in us funds the other cdn. Could I create two stores where one only deals with US currency and a paypal account for USD while the other is for Canadian currency and a canadian Paypal account?
One PayPal account can handle multiple currencies, however, I have seen some stores use two separate accounts where one is registered in the US and one is registered in Canada for tax reasons. I'm not a lawyer or accountant, though, so you might want to check with one to see what the best approach would be for your business as far as one PayPal account or two.
Now, on the technical level - what PayPal account is used to accept payments in Magento is set at a website level. So unless your French and English stores are setup as separate websites in Magento (and not just separate store views, which is the more typical approach), you're going to have to use the same PayPal account.
If you're open to changing how your site is setup, then you could create a separate website for the US customers and US currency with one Paypal account and another site for the Canadian customers and Canadian currency - that is definitely possible in Magento. You could even still offer both French and English on the Canadian website.