Posted on 01/05/2011 11:18:40 PM PST by skeptoid
TORONTO — The Canadian dollar kicked off the new year above parity with the U.S. dollar as oil prices hit a two year high.
The loonie gained 0.13 cents to 100.67 cents US.
Recent strength in the Canadian dollar has been fuelled by higher crude prices, which sit at a two year high.
The February crude contract was unchanged at US$91.54 a barrel in electronic trading on the New York Mercantile Exchange.
Meanwhile, the February gold contract slipped $25.10 to US$1,397.80. The March copper contract on the Nymex lost one cent to US$4.44.
The Canadian dollar closed above parity against the American currency Friday, up 0.54 to 100.54 cents U.S., its highest close since May 2008.
The U.S. dollar lost ground against most G7 currencies on thin trading over the holiday.
Investors are looking toward North American employment data set to be released Friday,which will impact the direction of the Canadian and U.S.
Good news will help the Canadian dollar gain further traction and bad news could see it slip.
Yes.
Not since about 1965.
About five years ago, the Canadian dollar was about 60 cents us.
There’s a mouse in my beer, eh
Yeah, the rise has been great for those with CDN to sell. I should buy more USD.
What, that it was par? It was actually at 110 two years ago. I’ve been waiting for the CDN to drop, but with it staying high, is great news for me.
I always keep an eye on the lead market, as it is a byproduct or coproduct in a number of mining opperations. It hasn’t yet reached the recent highs of 1.50 a pound, but is up ten cents in the past month to $1.20.
Actually, the Canadian dollar got up to $1.06 in 1976, fell to 62.6 cents in 1998, and hit $1.10 in 2008.
They were decades ago, and then again within the past year or two I believe. It’s a shame; I was there in the mid-90s, and we got $154 Canadian $ for $100 US. In the tourist areas I believe you’d get $140 Canadian for $100 US.
As a Canadian travelling south, I didn’t even mind getting 70 dollars for 100 Canadian because most things are a lot cheaper in the US, so it evened out. People don’t realize how much socialism hurts the country and how expensive it makes things ie: being forced to put two languages on products.
You would be better off vacationing elsewhere now that the dollar is pretty much on par. Gas here is over a dollar a litre now, so that would be over 4 dollars a gallon.
No, as a matter of fact, the CDN$ touched par last in the fall of 2007. Before that, in the early 1960’s the Canadian dollar bought as many as $1.06 US$.
"Take off, hoser..."
I was there this summer for the first time since 2003; we only stayed for the day. The sales tax in Quebec is killer, and they really pared back (I think discontinued) the refund program (which was great; just the rebate on the hotel would give you a nice shopping spree in the duty-free shop). Places that were accustomed to Americans shopping are probably hurting now.
It still is a great place to visit; Quebec City & Ottawa were really nice when I was there back in the late 90s.
It was at $1.05 in 1976.
You haven’t seen anything until you’ve seen the west hehe. Alberta (where I live) and British Columbia specifically. Ya, quebec is very high on taxes, well most of Canada is, the joys of socialism.
I’ve been to Calgary for a few days; that was nice too, but doesn’t have the history the East does.
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