green bin
…If only briefly. According to Bloomberg, the US dollar traded at $0.999 relative to the Canadian dollar at 10:58AM this morning. It has since rebounded, but the Loonie seems breathtakingly close to overtaking the greenback.
To all my American friends: yes, I know this will decimate our export economy. Nevertheless, I’m going to take some pride in our humble dollar. And the fact that Amazon.com is now a garden of bargains.
Oh, Canada!
UPDATE [2:59PM]: The age of parity has officially arrived.
September 20th, 2007 by graeme |
Too exciting!! I’m going to NY right now to buy shoes and booze!!
Is it the CDN dollar strengthening or the USD weakening? I’d guess it’s more the latter. Also, this is good for neither economy.
Still though, as you say, it’s great for the individual consumer. Just don’t tell anyone
You’re right, McAdam- this is all due to the tanking greenback. The Canadian Dollar hasn’t made any ground against the Euro or the Yen.
Actually, the Canadian dollar is up against the Euro this year, and the Peso, and the Australian dollar, and while it went down a bit in August, it was up pretty well against the Yen too until the end of July.
However the METEORIC rise against the greenback is more about the U.S. than it is about Canada, that’s true (though the Canadian $ has risen faster, and more, against the U.S. than any other G10 currency).
Well, shut my mouth.
Also, people who know MUCH more than me see the Canadian dollar going to $1.05 U.S. within a few weeks, and even as high as $1.10 U.S. should the price of oil go above $100.
So I shouldn’t go buy shoes yet? What I’m hearing is I should wait a few weeks…