Canadian Dollar Is Tanking
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keesio
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Depends. Good for manufacturers and retailers here. Also good for tourism industry. Bad for anyone that wishes to spend overseas (Canadian tourists abroad) or purchase goods outside Canada. Bad for any business tied to US dollar (like Canadian NHL teams).
This is the kind of thing that gets overplayed -- Canadians look on it as a measure of their 'success' relative to the U.S., and they do get a charge out of buying cheap condos in Phoenix or Miami . . . but if you live in Canada, it means very little, since most things here are priced in Canadian dollars. A dollar at par is probably unsustainable if there is to be manufacturing in Ontario -- and a dollar at .65 is probably unsustainable if Canadians want to go out into the world . . . Basically, if you're a smaller country your currency will go up and down. What's surprising is how fast, and it suggests that a lot of money wants to get into the U.S. right now; that money will move out just as fast, if the banking system teeters again.
And at the same time, a lot of people look at the Canadian housing market as inflated. If that would pop, housing prices would go down, the dollar would sink, and any immigrant coming with foreign currency would find themselves in a superior situation.
Myself, I had to land when the dollar was at its highest, and that did suck!
And at the same time, a lot of people look at the Canadian housing market as inflated. If that would pop, housing prices would go down, the dollar would sink, and any immigrant coming with foreign currency would find themselves in a superior situation.
Myself, I had to land when the dollar was at its highest, and that did suck!
Market fundamentals indicate Canadian dollar is overvalued so a correction occurring..this affected by many things including US Federal Reserve Rate vis a vis that for the Bank of Canada as investors chase the best bond rates...add in oil price movements, general commodity prices and as mentioned the surplus situation. Lower dollar should help reduce the deficit by boosting exports and reducing imports. The budget will shed more light on this!
