Canadian Dollar Reaches Parity With U.s. Currency

[Taggart]

Loonie hits modern-day high above $1.06 US

Last Updated: Wednesday, October 31, 2007 | 6:25 PM ET

CBC News

"The Canadian dollar surged to a modern-day high against the U.S. dollar late Wednesday after the Federal Reserve cut interest rates again and oil prices surged to another all-time high.

In after-hours trading, the loonie went as high as $1.0617 US, eclipsing the previous 50-year high of $1.0614 US set on August 21, 1957.

That's the highest the Canadian dollar has climbed since it was allowed to float in 1950.

You have to go back more than a century to find a time when the Canadian dollar was worth more."

[cdnvic]

Apparently the last time it was higher, the Confederate Army was closing in on Washington DC.

It's also at record levels against the Pound and Yen so it's more than the greenback's weakness.

[Taggart]

The Montreal Gazette

Wednesday, November 7, 2007

Loonie breaks through $1.10 US in overnight trading

OTTAWA - The Canadian dollar soared past $1.10 US in overnight trading after comments from Chinese officials that they plan to move some of the country's vast foreign exchange holdings out of the U.S. dollar.

[cdnvic]

The Montreal Gazette

Wednesday, November 7, 2007

Loonie breaks through $1.10 US in overnight trading

OTTAWA - The Canadian dollar soared past $1.10 US in overnight trading after comments from Chinese officials that they plan to move some of the country's vast foreign exchange holdings out of the U.S. dollar.

Makes no sense in the long term. China sells more to the US than anyone else. A weak US dollar works against them. They also need resources from Canada, and an inflated Canadian dollar makes those more expensive.

[Taggart]

Toronto Star

Published On Tue Apr 06 2010

Canadian dollar briefly hits parity

Canada’s solid economic fundamentals amid global uncertainty helped push the loonie to parity Tuesday, taking it slightly above US$1 in early morning trading.

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The last time the dollar rose above parity, in the fall of 2007, it hovered at that level until July 2008 before becoming a victim of global financial crisis and losing 30 per cent of its value in the slide that followed.

[canuckamuck]

:D

[sokal]

THe Canadian economy is in fairly good now. But in the next year or two it will reverse. Canadian exporters to the US are hurting because of the inflated loonie. The tourist industry is suffering badly because Americans are not coming because of the US dollar does not have the buying power it used to. Canadian consumers are making trips south of the border to snap up cheaper goods, causing retail to slow down in Canada.

BS, a strong currency means Canada can afford to export less.

[sokal]

....Canadian consumers are making trips south of the border to snap up cheaper goods, causing retail to slow down in Canada.

Agree with you there.

A new BMO Nesbitt Burns study found that Canadians are paying as much as 23 per cent more for onsumer goods here than for identical items across the border.

Ahhh well, at least Thailand's still a bargain for Canadian tourists and expats. The 31+ Thai baht for each Canadian dollar beats the 17+ Thai baht we were getting in 1995.

Thats right and prices will adjust LOWER for Canadians, which make them wealthier. So can everyone shut up about how a higher value currency is bad ?

[neverdie]

....Canadian consumers are making trips south of the border to snap up cheaper goods, causing retail to slow down in Canada.

Agree with you there.

A new BMO Nesbitt Burns study found that Canadians are paying as much as 23 per cent more for onsumer goods here than for identical items across the border.

Ahhh well, at least Thailand's still a bargain for Canadian tourists and expats. The 31+ Thai baht for each Canadian dollar beats the 17+ Thai baht we were getting in 1995.

So can everyone shut up about how a higher value currency is bad ?

Can you?