Canadian Dollar Nears Parity With U.S. Buck

Team XLink Baker Joined: 18 Jun 2004 Posts: 676

Canadian Dollar Nears Parity With U.S. Buck
Wednesday September 19, 2007
CityNews.ca Staff

The Canadian dollar has become a lot like Star Trek - it's boldly going where few Canuck bucks have gone before. You may have been sleeping overnight, but the loonie wasn't. It briefly reached the 99 cent U.S. mark in overseas trading, before settling back to a still high 98 cents-plus reading against its U.S. counterpart. It closed at US98.74 cents on Tuesday, the highest final tally of the day since January 1977.

The surge came after the U.S. Federal Reserve cut interest rates by half a percentage point on Tuesday and world oil prices reached a new high. Analysts have been predicting for some time that the rampaging Canadian economy could see our dollar reach parity with the U.S. buck - something hasn't happened in decades. "At this level we'll see parity simply based on people's expectations that it'll hit parity," assures Dale Orr, managing director of Global Insight Canada.

Depending on who you are and where you are, that's either good news or disaster. Those traveling to the States on vacation this winter could wind up saving a lot of money. So could people who shop over the Internet at U.S. sites.

But manufacturers who export or sell goods south of the border will be hurt by the higher value. And at least one economic expert with close ties to unions worries about what it all means for jobs in this country. Economist Jim Stanford of the Canadian Auto Workers warns thousands of positions could be lost in the manufacturing sector if the dollar continues to fly high and U.S. industries lose the advantage of making their products north of the border. "There is no silver lining in this cloud, believe me," he adds. "There's no way Canada can succeed in world trade 10 or 20 or 30 years from now if we sit back and watch our whole manufacturing base wither away."

And our already lagging tourist industry could also be hit, as Americans stop getting a 'bargain' by coming to Canada.

Stanford would like to see the Bank of Canada emulate the U.S. Fed and cut interest rates here. But most analysts don't think that will happen, because the Canadian economy is outperforming its southern neighbour, inflation pressures remain strong and oil is staying high.

CityNews.ca

Team XLink Administrator Joined: 11 Nov 2004 Posts: 5024

It still looks like Monopoly money Razz

Video Master Joined: 21 May 2004 Posts: 1815

in related news, Canadian tire money is worth 2x the U.S. dollar.

Team XLink Baker Joined: 18 Jun 2004 Posts: 676

MeanMF wrote:

It still looks like Monopoly money Razz

http://www.google.ca/search?hl=en&q=1+USD+in+CAD&btnG=Google+Search&meta=

Oh dear look at that Shocked

Gunny

Team XLink Administrator Joined: 03 May 2004 Posts: 2075

TPP27 wrote:

in related news, Canadian tire money is worth 2x the U.S. dollar.

LMFAO!!!!

Team XLink Administrator Joined: 11 Nov 2004 Posts: 5024

The funny part is that games still cost CDN$70.. Razz

Kai Spammer Joined: 16 Jun 2005 Posts: 8681

HAHAHAHAH

Team XLink Baker Joined: 18 Jun 2004 Posts: 676

prestige wrote:

TPP27 wrote:

in related news, Canadian tire money is worth 2x the U.S. dollar.

LMFAO!!!!

Now that's funny and I hate Canadian Tire money. No matter how hard you try you can never get rid of it.

Gunny

Razz

Kai Spammer Joined: 06 Aug 2006 Posts: 1332

They are trying to make English money like Monopoly money Sad

Team XLink Administrator Joined: 04 Jun 2005 Posts: 1697

The Canadian dollar hit parity with the Yankeebuck at 7:58am PST this morning. 1 Canadian dollar is now worth $0.9985 USD.

We'll pass em soon Wink

Kai Admirer Joined: 21 May 2004 Posts: 470

hmmm.....does this mean I am no longer wealthy?

Does this mean Canada is no longer The United States' backyard?
Just remember....you are sovereign because we allow it and you wouldn't be if you had any fucking oil.

I'm kidding!
flame on though. Twisted Evil

Team XLink Administrator Joined: 11 Nov 2004 Posts: 5024

boxorox wrote:

Just remember....you are sovereign because we allow it and you wouldn't be if you had any fucking oil.

They have more oil than Iraq.. They're second only to Saudi Arabia.

But really the most important part of all of this is that it's no longer a good idea to use Canadian quarters in parking meters.

Team XLink Administrator Joined: 03 May 2004 Posts: 2075

boxorox wrote:

Does this mean Canada is no longer The United States' backyard?

Hehe, I don't know about being anyone's backyard, but the USA has been our dumping ground for years: see here.

Apparently Michigan is getting tired of our shit... hmmm... Ohio maybe? hehehe.

Seriously though, you pay your taxes and your hard earned money is being pissed away in wars half way around the world. You should be livid. Think of the logic here: when the government is broke, they simply get the Federal Reserve to print more money. This devalues your savings but gives the government more liquidity to continue spending. Run out of money again? No problem, just print more.

-p

Kai Admirer Joined: 21 May 2004 Posts: 470

sorry Mean...I cannot verify what you say...not even close.
http://www.radford.edu/~wkovarik/oil/2worldoil.mideast.html

EDIT*** o.k. I found it. I'm calling G.B.
http:http://www.mapsofworld.com/world-top-ten/world-top-ten-oil-reserves-countries-map.html
@Canada
You're next.

prestige wrote:

Seriously though, you pay your taxes and your hard earned money is being pissed away in wars half way around the world. You should be livid. Think of the logic here: when the government is broke, they simply get the Federal Reserve to print more money. This devalues your savings but gives the government more liquidity to continue spending. Run out of money again? No problem, just print more.

-p

Yah....you're preaching to the choir brother. We just need some damn oil.

Razz

Kai Admirer Joined: 20 Jun 2007 Posts: 487

even if the games still cost 70$, we can travel over there and who's winners now?

Team XLink Administrator Joined: 11 Nov 2004 Posts: 5024

[DC]Dam1an wrote:

even if the games still cost 70$, we can travel over there and who's winners now?

Canadians, because now they can afford to live in the U.S. Razz

Team XLink Baker Joined: 18 Jun 2004 Posts: 676

MeanMF wrote:

[DC]Dam1an wrote:

even if the games still cost 70$, we can travel over there and who's winners now?

Canadians, because now they can afford to live in the U.S. Razz

On another note , maybe this should be part of another thread but what do you think about Bush trying to pardon himself of war crimes? Mad

Gunny

Team XLink Administrator Joined: 04 Jun 2005 Posts: 1697

what do you think about congress failing to restore habeas corpus for "enemy combatants? Treason?

Video Master Joined: 21 May 2004 Posts: 1815

-Gunslinger- wrote:

MeanMF wrote:

[DC]Dam1an wrote:

even if the games still cost 70$, we can travel over there and who's winners now?

Canadians, because now they can afford to live in the U.S. Razz

On another note , maybe this should be part of another thread but what do you think about Bush trying to pardon himself of war crimes? Mad

Gunny

http://www.youtube.com/watch?v=PSh9EMM2_ls