jlhaslip
May 19 2007, 05:19 AM
| | The Canadian Dollar closed today at $.917 against the US dollar, the highest closing value since 1977.
The last time it was this high, Pierre Elliot Trudeau was Prime Minister, Jimmy Carter was sworn in as President and gas was 21 cents CDN a litre. Gas locally is $1.309 CDN per litre today. (3.7 litres per US gallon).
Wow! That is a HUGE change from about 3 years ago when the exchange rate was in the low 60's.
Any impact from this recent rate closing? You bet... Export of Goods and Services will slow down since Canadian products will 'cost more' vis-a-vis the US Dollar, jobs will be lost in the Canadian Manufacturing and Tourism Industries and likely Interst Rates will climb, allowing the Banks to get richer ...
Any impact on you or anyone you know??? |
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hitmanblood
May 20 2007, 10:31 PM
Well I don't live in Canada as you can see from my own location. But I can say for certain that this will make impact on people because of laws of economy and by that almost all economy in Canada might suffer there is also large probability that government of the canada will try to push down a bit Canadian dollar by buying foeign currencies like US dollar or maybe even some other currency like euro or something else. And I think that it will not stay that high for long time as now people are rushing to buy it similar thing happens in several countries in europe over the summer when people rush in to buy currency so they could go to the sea.
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