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- Canada - Toronto & Southern Ont.
-- Dollar Hits $1.07 US
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The low dollar is great for American exporters! MADE IN USA!
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| Originally posted by rabbitjoker The low dollar is great for American exporters! MADE IN USA! |
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| Originally posted by rabbitjoker The low dollar is great for American exporters! MADE IN USA! |
Seems like most of what you guys have been saying, is true.
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| Canada's exports to China surged in the first part of this year, as the eastern economic giant's appetite for Canadian metals, crude oil, chemicals, potash and agricultural goods picked up ahead of the 2008 Olympic games in Beijing. According to a Statistics Canada report released Thursday, Canada's exports to China nearly doubled to $8-billion in 2006 from $4-billion in 2002. In the first seven months of 2007, they soared 43 per cent over the same period one year ago, the largest gain by any of the G-7 countries. Although Canada still imports far more from China than it exports � $21.7-billion as of July, 2007 compared to $5.5- billion � export growth has outpaced imports by a wide margin this year. China is now sitting neck and neck with Japan as Canada's third largest export market. �Canada is clearly benefiting from the magnitude of China's demand for natural resources,� said Statistics Canada's Diana Wyman. �The nation of more than 1.3 billion people is expanding its manufacturing base and building massive infrastructure projects, from ports and bridges to facilities for the 2008 Olympic Games.� Chinese demand accelerated in 2007, at the same time as prices for metals, potash, canola and industrial goods have climbed. In addition, China is now Canada's second-largest consumer of crude oil, which is also trading at record highs. Canadian trade has diversified in recent years, Statscan said. Rising demand from Europe and Asia, combined with relatively flat demand growth in the United States, led to a sharp rise in the share of Canadian exports heading to countries other than the U.S., which has long been Canada's biggest trading partner. Nearly a quarter, or 24 per cent, of Canadian exports are now headed for non-U.S. countries, up from 16 per cent five years ago. �The recent shift to increased trade with the rest of the world was well-timed, given the onset of the housing-induced slowdown south of the border,� Ms. Wyman said. �All regions of Canada have benefited from this shift in exports toward non-U.S. countries.� Ontario was the biggest beneficiary of this trend, with exports to countries other than the United States rising nearly $20-billion since 2002. �Ontario's auto sector may have slowed, but the overseas demand for its nickel, gold, and uranium resources, as well as aircraft, high-tech and other machinery, is on the rise,� Ms. Wyman said. Canada's sources of imports also have shifted, with a record-high 35 per cent coming from countries other than the U.S. in 2007, up from 25 per cent in 2002. More than half of that increase is attributable to China. So what kind of Canadian goods is China devouring? Industrial products like metals, fertilizers such as potash, chemicals like ethylene glycol, which is used to make polyester, make up just over half of Canadian exports to China, Statscan said. They are set to triple their 2002 values in 2007. Forestry and agricultural materials, like wood pulp, grains and canola, machinery, energy and consumer goods are some of the other Canadian exports to China. China's economy has been on a tear in recent years, and the country is now in the midst of a construction boom. The building spree has picked up as it prepares dozens of stadiums and other venues for the 2008 Olympics games in the capital city of Beijing. The massive building and infrastructure projects have boosted demand for Canadian natural resources. Canadian metal exports to China are running 70 per cent higher in 2007 than in 2006, Statscan said, a much faster pace than in previous years. Energy has never been a major export to China, but Canadian crude oil shipments to China topped $150-million in the first seven months of 2007, opening up a potentially large market for Canadian crude. Statscan said increased trade was a result of China and Canada testing the �logistics of shipping Alberta oil through the Port of Vancouver.� |
I just went to the bank today to deposit my check, and they asked me if I wanted to get some US dollars I said "sure why not? how much is $300 USD?" the teller said $287 CAD I laughed out loud and yelled out 'DEAL!' and people stared at me lol
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| Originally posted by Invasionmix I just went to the bank today to deposit my check, and they asked me if I wanted to get some US dollars I said "sure why not? how much is $300 USD?" the teller said $287 CAD I laughed out loud and yelled out 'DEAL!' and people stared at me lol |
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| Originally posted by Skipper That means the exchange rate on that deal was 1.04. the dollar is trading at over 1.07. |
How often does the bank adjust their posted exchange rate, then?
*checks latest beatport receipt*
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| Originally posted by geroin you would get 1.07 on a deal worth 5 million dollars not 300 bucks, the more money you exchange the better rate you get. The rate you see on TV is calculated towards millions of dollars. |
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| Originally posted by Skipper How often does the bank adjust their posted exchange rate, then? *checks latest beatport receipt* |
http://www.xe.com/ucc/convert.cgi
Go there if you want an exact current exchange rate.
1.00 CAD = 1.07575 USD
I just clicked refresh, and
1.00 CAD = 1.07687 USD
ZOMG!!
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| Originally posted by me@t k@tie http://www.xe.com/ucc/convert.cgi Go there if you want an exact current exchange rate. 1.00 CAD = 1.07575 USD I just clicked refresh, and 1.00 CAD = 1.07687 USD ZOMG!! |
i just reloaded my poker account... exchange was around the 1.07 mark
From today's globe:
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| Dollar tumbles more than 2 cents ROMA LUCIW Globe and Mail Update November 12, 2007 at 12:15 PM EST The Canadian dollar dropped more than two cents on Monday, as traders extended last week's selloff amid a background of increased global risk aversion and falling commodity prices. �Everything people have bought, they sold today. Everything they had sold, they bought,� Marc Chandler, a currency strategist at Brown Brothers Harriman in New York, said in an interview. �So the Canadian dollar, which has been a high-flying currency, is having a setback today.� The loonie slid to $1.0345 (U.S.) on Monday morning, down $0.0262 cents from Friday's closing price. According to Bloomberg, the Canadian dollar fell as much as 2.2 per cent on Monday, its largest drop since January 1971, when they started keeping data for the exchange rate. The currency has outperformed all of its global peers this year, with a meteoric 22 per cent surge against the greenback. Last Wednesday it hit another milestone, hurtling above $1.10. But it failed to hang on to those gains, losing 4 per cent in the last five trading sessions. The loonie slid to $1.0421 in Monday morning trade, down $1.86 from Friday's closing price. According to Bloomberg, it was the Canadian dollar's biggest one-day drop since February, 2005. (The Canadian Press) Soaring commodity prices, a weak U.S. currency and solid domestic economic growth have helped lift the loonie to record highs. However, currency experts agree that the loonie has surpassed what is justified by economic fundamentals, and that part of the gains are stemming from speculative buyers who are looking for a quick profit. Part of Monday's Canadian dollar weakness came on the back of lower oil prices, which retreated from last week's record highs near $99 a barrel, as well as falling bullion. Analysts said fears that slowing global growth will pare demand for commodities was fuelling the day's drop. The increased risk aversion in commodity markets was being driven by concerns about a further and wider fallout from the U.S. subprime mortgage crisis. That has, in turn, caused investors to pull back from higher yielding currencies, like the Canadian and Australian dollars, and boosted the U.S greenback. The American dollar rose against all major global currencies Monday, with the exception of the Japanese yen. �That is really one driving force today for the Canadian dollar, people getting out of short yen positions,� Mr. Chandler said. �Market participants are unwinding their positions and reducing their overall risk exposure in thin holiday markets.� U.S. bond markets were closed Monday for the Veterans Day holiday, leading to lower volumes and exaggerated trading actions. Mr. Chandler said Monday that currency traders are taking profits where they can. The key issue, he said, is whether Monday's Canadian dollar losses are a trend reversal or a short-term fall driven by the unwinding of risk positions. �We don't think this is necessarily a trend reversal,� he said. �Before Canadian exporters pat themselves on the back for dodging a bullet, we suspect the other shoe could still drop and that the Canadian dollar could get much stronger before it gets much weaker.� U.S. investment newsletter writer Dennis Gartman is not so sure. �We take it quite seriously that the Canadian dollar has weakened as sharply as it has since mid-week last week, and we consider it a harbinger of a change relative to the euro, the British pound and to the carry trade generally.� He noted that speculative buyers who have borrowed yen to invest in Canada have in the last month run into trouble and are facing problems for the first time in a long while. �This, we fear, can get very, very ugly, and do so very, very quickly.� The soaring loonie claimed another Canadian corporate victim Monday. Conglomerate Onex Corp. reported a large third-quarter loss as its bottom line was hit by currency translation losses on U.S. cash and securities, as well as by non-cash charges on a recent acquisition. Onex keeps its accounts in Canadian dollars but does most of its business in U.S. dollars. |
Yeah so I went to the US on Saturday the wait getting there at the border was about an hour (@ 9:00 am) the wait on the way back was 2 hours (@11:00 PM) we didn't get pulled over though or pay taxes cause the line up was really long I guess 
spent a good thousand bucks
I have never seen so many Ontario vehicles at the Waterloo, NY Outlet Mall this weekend.
There were Canadians everywhere, throwing old jackets, shirts, shoes and pants into the trash bins and walking out of stores wearing brand new clothes.
I can remember when Canadian currency was discounted 40% at the NYS Thruway!
WTF is going on here?!!
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| Originally posted by zookeeper I have never seen so many Ontario vehicles at the Waterloo, NY Outlet Mall this weekend. There were Canadians everywhere, throwing old jackets, shirts, shoes and pants into the trash bins and walking out of stores wearing brand new clothes. I can remember when Canadian currency was discounted 40% at the NYS Thruway! WTF is going on here?!! |
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| Originally posted by Zentac_75 I hope your exagerating about the trash part. |
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| Originally posted by Zentac_75 I hope your exagerating about the trash part. |
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| Originally posted by Zentac_75 I hope your exagerating about the trash part. |
Im going to tell call Goodwill and tell them to set up those booths at those locations. Srsly what a waste....
The dollar fluctuates and we throw away our old clothes ????
WOW my grandparents would come back to life and die again if they heard about this.
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| Originally posted by Zentac_75 Im going to tell call Goodwill and tell them to set up those booths at those locations. Srsly what a waste.... |
as i speculated...we're now down to 1.01478.....i wish i actually put money down when i had the bet with some optimists that said CAD would only rise while i said 30 ddays is all it needs to fall back down to the same as or less than the USD..
y do people not listen...tsktsktsk
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| Originally posted by El K Dee as i speculated...we're now down to 1.01478.....i wish i actually put money down when i had the bet with some optimists that said CAD would only rise while i said 30 ddays is all it needs to fall back down to the same as or less than the USD.. y do people not listen...tsktsktsk |
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| Originally posted by djbruuen i was thinking the same thing. If i had money to invest, i'd definitely go nuts on it in about a month or so when it surpases $1.10...its inevitably going to come back down. Selling in 2 years you'd probably make a killing. |
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| Originally posted by djbruuen pg.2 -- |
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