Posted on 10/29/2007 4:53:20 PM PDT by shrinkermd
OTTAWA — The Canadian dollar has reached its highest level since it began to float freely in 1970.
The loonie was trading at $1.0459 (U.S.) just before 11:30 this morning, after breaking through the previous post-Bretton Woods high of $1.0443, said Mark Chandler, fixed income strategist for Royal Bank.
The main reason for today's surge is a weakening U.S. dollar, he added.
The Canadian dollar was pegged to the U.S. dollar for most of the 1960s. The currency's record high is $1.0614, reached on Aug. 21, 1957. Its record low was 61.79 cents, reached in January 2002. Since then, the currency has climbed almost relentlessly.
(Excerpt) Read more at reportonbusiness.com ...
The loonie isn’t soaring, the US dollar is weakening
Cool. Now our exports are cheaper and theirs are more expensive.
Of course, too much $$ to travel their either. Guess Canucks will have to come here to spend their cash.
I’m thinking health care.
Correct. The U.S. dollar is becoming worthless.
Gulp...we are too, here in "Snowbird country" where the Canucks dome down, spend the winter and clog our hospitals and medical labs anyhow......this year should suck for us locals.
Considering one of their major exports to us is oil and gas, I'm not sure I'd call it "cool". It's not like we're going to stop buying. However, my Canadian energy stock dividends will probably be kind of healthy for a while.
Now you know how we feel in the southwest, At least you have paying customers instead of freeloaders!
Makes companies think about moving jobs back home.
You are correct sir. It’s more than health care, you should see the amount of Ontario license plates at the Galleria Mall in Buffalo.
I thought this was another Ron Paul thread.
Great! Maybe some of those automotive factories will relocate back to Detroit from Windsor now.
The “weak” dollar is doing great things for the export economy (which is the point, I’m sure). After two decades of the NAFTA/CAFTA Shaft-a, it’s great to see.
Actually the loonie is soaring. YTD the loonie leads among the world currencies.
http://www.x-rates.com/d/AUD/CAD/hist2007.html
http://www.x-rates.com/d/DKK/CAD/hist2007.html
http://www.x-rates.com/d/EUR/CAD/hist2007.html
http://www.x-rates.com/d/JPY/CAD/hist2007.html
http://www.x-rates.com/d/NZD/CAD/hist2007.html
http://www.x-rates.com/d/GBP/CAD/graph120.html
I don’t know what’s going to happen here... prices aren’t dropping at all. I need to buy a car, but they are now about 10K more in Canada than just across the border. Americans dealers have been asked by most carmakers to stop selling to Canadians.
With the title, I thought they were talking about Ted Turner or some other wealthy, highly placed leftist nut case.
Pretty much. Although because we’re a resource based economy, that has contributed, but wouldn’t be this high without the USD being so weak.
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