The Loonie Keeps Going Up

[bjarvis]

The Canadian dollar rose to $1.08380 USD today and may keep going up tomorrow.

I'm as happy as any that Canadians are able to go on an international spending spree, have cheaper vacations in tropical climates during the long winter and such, but seriously: there will be some ugly economic consequences if this keeps up and Canada's balance of trade goes to hell. Better a soft & controlled landing than a harsh crash later.

Comments

[madknits.livejournal.com]

There's nothing wrong with the American economy.
It's normal for Canadian currency to be worth more than greenbacks.

Oi.
Cannot wait for the next election.

[madknits.livejournal.com]

Hmm. This could be construed as incredibly xenophobic.
It isn't. It's mere sarcasm.

[bjarvis.livejournal.com]

I took it as sarcasm... You're too cuddly to be xenophobic. :-)

[madknits.livejournal.com]

Especially when I'm a Candiophile, and want to move there!

;-)

[trawnapanda.livejournal.com]

come visit the panda den in trawna!

[rsc.livejournal.com]

When the question of Canadian vs. US dollars first came to my attention -- early 1960s, most likely -- the Canadian dollar was higher than the US, and stayed that way for quite a while thereafter, if I remember correctly. (It was probably something like US$1.05.)

[madknits.livejournal.com]

Well, dear, not to put too fine a point on it, but I was born in the early '60s.

loveyoumeanit!
*ducks*

;-)

[trawnapanda.livejournal.com]

it was the mid 70s. Here in the Great White North, we've been hearing about the "highest value since 1975" stuff for a while, except that we're now past that benchmark. As I remember it just topping $1.06. I recall them thar days - I was in grad school in London ON; and P2W was still young enough to have to be home before the street lights went on.

for a significant chunk of time -- all through the 60s, and before that, but certainly in 65 when I first came into contact with the canajun dollar, the exchange rate was pegged at 91.25c US = $1CDN. as of this evening, 91.60c CDN = $1US

It's not actually doing the canajun economy - we do depend on exports quite a bit - a whole lot of good.

[brunorepublic.livejournal.com]

Wouldn't a better title for this post be "The US dollar keeps going down"?

Against most other currencies, the loonie has gone up somewhat, but the real story here is that the US dollar is doing very badly right now.

[madknits.livejournal.com]

Against the British pound.
Against the Euro.
Against the Canadian dollar.

I think it's more of the failed economic policies of our great and glorious leader.

[bjarvis.livejournal.com]

Yeah, that's a more objective way of putting it. If I were in the news business, that's the angle I'd use. Alas, my narrow world is only concerned about the US/Canadian exchange because of the occasional personal financial transfer.

What's the US dollar worth against Canadian Tire money these days?

[trawnapanda.livejournal.com]

It's certainly a significant weakness in the US dollar; but also partially because the loonie is seen as a petro-currency, and with crude headed for $100 a barrel, the loon is going to stay high for a while.

$1.08 - old news!

[trawnapanda.livejournal.com]

did you know the Canajun dollar topped $1.09 in after hours trading this afternoon?

Re: $1.08 - old news!

[trawnapanda.livejournal.com]

and this morning it's over $1.10 as reported here.

this is NOT good news for an exporting nation whose goods keep getting more expensive in our largest market.

On the lighter side ...

[allanh.livejournal.com]

I already asked Will & Grant in Vancouver if they'd be willing to take in a pair of poor, broke Americans for a few days. :)

I'm not sure which of us was laughing harder.