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Canadian dollar regains parity with U.S. greenback
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| Spin Laden |
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. |
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| Moral Hazard |
presently 99.82
It's been hovering between 99.80 and 99.95 all day. |
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| NuERA |
| 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. |
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| Orko |
| quote: | Originally posted by Moral Hazard
presently 99.82
It's been hovering between 99.80 and 99.95 all day. |
Where are you checking the rate change? I looked on the bank for canada site, but it only shows the noon rate. |
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| Moral Hazard |
| 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. |
yahoo |
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| ChemEnhanced |
| I am waiting to see which pro athlete first demands a contract in canadian dollars. |
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| Spin Laden |
| Terrell Owens :rolleyes: |
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| rabbitjoker |
| You're on par with the greenback!!! |
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| Chris Allen |
| www.xe.com, for all your currancy conversion needs :) |
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| slingshot |
| quote: | Originally posted by rabbitjoker
You're on par with the greenback!!! |
why thank you. |
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| shanny |
| quote: | Originally posted by rabbitjoker
You're on par with the greenback!!! |
You're on par with the loonie. |
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| slingshot |
| quote: | Originally posted by shanny
You're on par with the loonie. |
you're off par. |
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