Canadian Dollar worth over 99 cents US!!
While we all slept last night the Canadian Dollar continued its climb towards parity with the US dollar. Quite unbelievable considering where the Canadian Dollar was while I was living in Tennessee. My wife and I moved to Tennessee back in Spring of 2001. Here's a graph that shows what's happened since then!
What does this mean for us Canadians? Well for this one, since I get paid in US dollars this basically means I keep getting a pay cut! Other Canadians who export to the US (which there are a lot of) are losing money. Back when the Loonie (we call our dollar a loonie because there is a picture of a loon on it, see pic below) was quite low in 2002 you could sell something in the US for $100US and make almost $160CDN on it. Today however, that same person would only get $102CDN. Pretty rough! It also means all of us Canadians will be vacationing and generally spending more money in the US for a while since it will be so much cheaper for us!
Check out these articles to learn more.
http://www.cbc.ca/money/story/2007/09/19/loonie-99cents.html
http://www.cbc.ca/money/story/2007/06/13/dodgedollar.html
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1 comments:
yeah, vacationing in the U.S. and spending more $$ indeed! we're going to myrtle beach next week. . . last time we were there, our dollar was in the 60 cent range!!!!!! This will be a MUCH better trip!!!! *especially in terms of converting our money - parity is 1 cent away!!!*
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