Thursday, September 13, 2007

Loonie Hits 30 Year High

The Canadian dollar continues to go up and has nearly reached the same value as the US dollar, which hasn't happened since before I was born!

"The Canadian dollar traded near the 97-cent US level Thursday as it rode record oil prices and a weak U.S. greenback to levels not seen since the disco era.

The loonie was quoted at 96.73 cents US at 10:35 a.m. ET, up .21 cents from Wednesday's close.

Some analysts see the loonie reaching parity with the U.S. dollar by the end of this year. The last time the two currencies traded at par was in 1976. Currently, a U.S. dollar can be bought for a little less than $1.04 Canadian."

Read the full article on cbc.ca: Leaping loonie! Dollar hits 30-year high

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4 Smart Remarks:

Anonymous Mr. H said...

I'm not surprised by this as some economists predicted in March that the Loonie and the Greenback would be on par by year end.

With the Canadian economy being so robust in spite of the high CDN Dollar and our interest rates a bit higher than those in the USA, investment dollars continue to flow into this country.

I predict that Canada continues in a pattern of growth, the Loonie will meet or even exceed the US dollar very shortly, and unless the course of things in the USA changes drastically, the States will teeter on the verge of a recession. They cannot continue to spend that kind of money on a useless war effort without bankrupting themselves.
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Also, did you hear Alan Greenspan's little, "Ooops...I didn't see that one." with the subprime morgtage issues?

WASHINGTON - Former Federal Reserve Chairman Alan Greenspan acknowledges he failed to see early on that an explosion of mortgages to people with questionable credit histories could pose a danger to the economy. - Associated Press Writer OneNewsNow.comSeptember 13, 2007.

Ooops is right! But what does the new Fed. Reserve Chairman Ben Bernanke have to say besides "Ouch"? :(

Three cheers for the Loonie!!!

12:33 AM  
Anonymous Stephanie said...

If a person has some extra loonies sitting around...I'd suggest to exchange a sum to US dollars once it came to par...especially if you lived near the border. :)

The money exchange is getting really nice for the Canadians...although I enjoyed the extra 50cents we used to get when we came and visited Canada!

8:34 AM  
Anonymous heather said...

Its good for my parents since they are planning a trip down soon.

8:48 AM  
Anonymous trooper said...

> Mr. H. said...
> They cannot continue to spend that kind of money
> on a useless war effort without bankrupting
> themselves.


It's definitely expensive but not at all useless. Better to say that it's been handled poorly, at least after the initlal action. They should never have been expected to sit back after 9/11 and do nothing. And of course, maybe the reasons were combined with other reasons that just happened to go along with the plan, but nonetheless, it is what it is.

There are other factors heavily affecting the market that are not war related. Housing market is one... that one's causing a massive downturn, and I've heard some financial people say that it will eventually cross the border to have at least some effect here.


> Stephanie said..
> If a person has some extra loonies sitting
> around...I'd suggest to exchange a sum to US
> dollars once it came to par...

Then again, maybe it'll just keep going higher. Unless a person is really into the market, it's best just to keep your own money and convert when necessary. The only wayt to make money is to follow trends. Right now would be a good time for Americans to convert some of their money into Canadian. Then convert it back later. If someone had done this a year ago, they would have nearly doubled their money.

8:56 AM  

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