I’m so proud of you, Canadian Dollar
September 21st, 2007The Canadian dollar was worth more than the U.S. dollar for a while yesterday - peaking at $1.0008 before closing at $0.9987 - for the first time since 1976. This probably doesn’t mean much to y’all overseas or elsewhere, but I must mark this occasion by saying: I’m so proud of you, Canadian dollar!
Alriiiight! Canadians pwn :D Well, our dollar does, at least.
September 21st, 2007 at 2:03 pmYay for the Loonie! :D
September 23rd, 2007 at 9:08 pmHi Chanel! I like the snappy design of your site. Its great.
October 24th, 2007 at 8:12 pmWell my comment is that it is not necessarily a good thing to have a high Canadian Dollar. It’ certainly does increase our buying power globally. If you are a company that wants to invest anywhere else you will have a bit more opportunity. However very little will benefit Canda in that regard because the investment is offshore.
However since Canada is a resource based economy and we sell all of our products to other countries, it now costs alot more to buy Canadian Products. So exporters are taking a huge hit, i.e. forestry, oil, etc. That means layoffs and less people earning and less money going into our tax pool.
The low dollar is more about the US downturn in the economy more so that it is an indication of our “strength”. In my opinion the US has to compete with other countries and make their products cheaper, so this is one way for it to happen. For a long times, manufacturing jobs have gone to China. China is manipulating their currency artificially in order to ensure their products are cheap. That is undercutting the rest of the world and that is a huge problem.
I could write u a novel about this, but I’ll defer the rest to an actual economist.
Take care :)