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Canadian dollar regains parity with U.S. greenback
Canadian dollar regains parity with U.S. greenback
Last Updated: Thursday, September 20, 2007 | 8:55 AM ET
CBC News
The Canadian dollar reached parity with the U.S. greenback on Thursday for the first time since November 1976.
The loonie briefly reached $1.0003 US on foreign exchange markets, the Bank of Canada confirmed. The loonie's stint at parity was brief, however, as it slipped back to trade at 99.88 cents US.
The dollar's latest rise comes as the U.S. dollar falters against major currencies and commodity prices continue to gain strength.
The U.S. dollar hit a new record low against the euro earlier Thursday, two days after the Federal Reserve made a surprise cut of one-half of a percentage point to a key U.S. interest rate. Economists had been expecting a quarter-point rate cut.
Also giving energy to the loonie's flight has been the rising price of oil.
In global commodity trading, the price of a barrel of oil was at $82.10 US, up 17 cents from Wednesday.
With the loonie quickly approaching parity with the U.S. buck, questions are arising about where the Canadian dollar goes once it passes $1 US.
"We've come a long way. It wasn't that long ago that the Canadian dollar was trading around 60 cents and people were thinking the end was near," said Steve Butler, director of foreign exchange at Scotia Capital.
"And now, seeing it close to parity with this much strength and this much momentum, I don't think parity is going to be the number that stops it," he told CBC News.
Butler said he wouldn't be surprised if the loonie passes parity shortly and then possibly retreats below par before resuming its rise.
"I still think the fundamentals are so strong right now that we will see Canada continue to climb," he added.
presently 99.82
It's been hovering between 99.80 and 99.95 all day.
i saw a commercial the other night advertising a cdn dollar at par sale....haha someone should have told that guitar store in ny state that the cdn dollar is already at par. advertising money down the drain.
| quote: |
| Originally posted by Moral Hazard presently 99.82 It's been hovering between 99.80 and 99.95 all day. |
| quote: |
| Originally posted by Orko Where are you checking the rate change? I looked on the bank for canada site, but it only shows the noon rate. |
I am waiting to see which pro athlete first demands a contract in canadian dollars.
Terrell Owens 
You're on par with the greenback!!!
www.xe.com, for all your currancy conversion needs 
| quote: |
| Originally posted by rabbitjoker You're on par with the greenback!!! |
| quote: |
| Originally posted by rabbitjoker You're on par with the greenback!!! |
| quote: |
| Originally posted by shanny You're on par with the loonie. |
for some reason i read this as 'on par with the US wetback' .. 
| quote: |
| Originally posted by slingshot you're off par. |
I, sadly, have never shot par
WTF!!! I wanna come up there and feel rich again dammit!!!!!!!
(friends in toronto, please send toonies....)
| quote: |
| Originally posted by yankeeBaby (friends in toronto, please send toonies....) |
| quote: |
| Originally posted by ChemEnhanced |
I knew it... MOM AND DAD LIED TO ME!!!!
Awesome; first time in my life the loonie was on par with the U.S. dollar.
canadians should hope that it doesnt stay this way..
even though its good for shopping..
| quote: |
| Originally posted by Rook canadians should hope that it doesnt stay this way.. even though its good for shopping..and travelling south |
Although our even currencies will make converting to the AMERO in the future much smoother.
The Thruth
Although the Canadian dollar is gaining ground against the US dollar it is not necessarily good for Canada. Yes of course if you come to the US for shopping, clothing will be much cheaper. But lets take a look at the big picture. 87% of Canada's exports come to the US. US companies are not going to pay more to Canada for their products ordered, therefore Canadian companies will be making less since raw materials costs will be rising and sales revenue will be declining due to a weak US dollar.
The Eurodollar is also rising against the Greenback. Look at this article. If the dollar continues to fall look what will happen to Airbus.
http://www.cnbc.com/id/20902307/for/cnbc/
Whose the winner? American corporations and investors in the stock market. Companies like Coca cola and McDonalds who have huge international exposure are benefiting on a rising euro, yen, etc. and making more money than expecting come earnings time year after year.
| quote: |
| Originally posted by emonster4life Although the Canadian dollar is gaining ground against the US dollar it is not necessarily good for Canada. Yes of course if you come to the US for shopping, clothing will be much cheaper. But lets take a look at the big picture. 87% of Canada's exports come to the US. US companies are not going to pay more to Canada for their products ordered, therefore Canadian companies will be making less since raw materials costs will be rising and sales revenue will be declining due to a weak US dollar. The Eurodollar is also rising against the Greenback. Look at this article. If the dollar continues to fall look what will happen to Airbus. http://www.cnbc.com/id/20902307/for/cnbc/ Whose the winner? American corporations and investors in the stock market. Companies like Coca cola and McDonalds who have huge international exposure are benefiting on a rising euro, yen, etc. and making more money than expecting come earnings time year after year. |
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