Loonie Hits 47 year high $1.05

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Subject: Loonie Hits 47 year high $1.05
  Loonie hits 47-year high above $1.05 US
Last Updated: Monday, October 29, 2007 | 4:34 PM ET
CBC News
The Canadian dollar´s upward charge continued unabated Monday, as it topped $1.05 US to reach its highest level since March 1960.
The loonie was quoted at $1.0501 US in mid-afternoon trading, up more than a full cent from Friday´s close.
It later slipped back to close at $1.0496, up 1.03 cents US.
That leaves the Canadian dollar a little more than one cent away from its postwar high of $1.0614 US, set in August 1957.
Rising oil prices and the likelihood of an imminent interest rate cut in the U.S. were giving the loonie more support on Monday.
Crude oil futures topped a record $93 US a barrel in New York trading as an approaching storm prompted Mexico to shut about a fifth of its oil production.
Rising commodity prices tend to boost the value of Canada´s currency, as Canada is a net exporter of oil and many other commodities. Gold prices were also surging Monday, up another $4.80 to $792.30 US an ounce ? a new 28-year high.
The U.S. dollar fell to a record low against the euro on Monday. On Wednesday, the U.S. Federal Reserve is widely expected to cut its key overnight lending rate by a quarter of a percentage point to 4.50 per cent.
That would equal the Bank of Canada´s overnight lending rate and would erase the interest rate differential between Canada and the U.S.
The speed of the loonie´s recent rise has been astonishing ? up about 10 cents US just since the start of September.
Since the start of the year, the Canadian dollar has appreciated by 22 per cent. Its rise since the 62-cent US depths of early 2002 has been almost 70 per cent.

[29-10-2007,18:51]
[***.121.220.199]
sharon
(in reply to: Loonie Hits 47 year high $1.05)
Ouch. Yeah, well the sale prices are better on the U.S. side.

This might be a good time for Canadians to invest in U.S. assets - real estate, USD bank deposits, etc. Even a new car might be worth it despite import taxes. Because in 2 or 3 years, it ain´t gonna be this good.

[29-10-2007,20:56]
[**.53.225.148]
Richard
(in reply to: Loonie Hits 47 year high $1.05)
I also think so Richard. Canadian investors have a natural tendency to invest in the US. That´s why currently US and Canadian investment in each others are almost the same. Recent loonies hike may encourage Canadian investors even more.
[29-10-2007,21:37]
[**.154.164.174]
Departed_Canadian
(in reply to: Loonie Hits 47 year high $1.05)
Why drive across buy on line the American companies will ship for free to the Great White North!

Oil went over $90/00 a barrel today I think.

Roy
www.cvimmigration.com

[29-10-2007,22:39]
[**.55.216.66]
Roy
(in reply to: Loonie Hits 47 year high $1.05)
Buy online and pay tax.

There is a popular way for the Canadian online buyers; "Gift".

Now a days most of the American online sellers clearly state that they can´t write "Gift" anymore.

[29-10-2007,23:30]
[**.154.164.174]
Departed_Canadian
(in reply to: Loonie Hits 47 year high $1.05)
news today suggests we are still better off than in 1957 when our dollar and interest rates were similar. If you lived through 1982 - this economy is a cake walk. Perhaps that is why I cannot understand people complaining about not finding work. I lived through ´82.
[29-10-2007,23:54]
[***.121.220.199]
sharon
(in reply to: Loonie Hits 47 year high $1.05)
But this is very bad for Canadians. A lot of Canadian economy depends on foreign companies.The big 3 shyed away due to hike in CAD value and the enormous taxes leading to many lay offs...

OK...I am in a hurry now. May continue later.

[30-10-2007,00:17]
[**.57.60.69]
Almost Perfect!!
(in reply to: Loonie Hits 47 year high $1.05)
Canadian economy is built on the demand for comodities. We still have oil that everybody wants.
[30-10-2007,01:01]
[***.121.220.199]
sharon
(in reply to: Loonie Hits 47 year high $1.05)
I am bored with your fantacy about the Canadian Oil!! Its Tar SANDS...wake up and smell the coffee!

Top 10 countries with Oil reserves:

1 Saudi Arabia
2 Iraq
3 Kuwait
4 United Arab Emirates
5 Iran
6 Venezuela
7 Russia
8 Mexico
9 Libya
10 US
in the order of their ranks... If you are hoping for all these countries to dry out and depend on Canada for Oil, then you are not being too smart!

Besides, its too expensive to develop Algerta Sands!!

[30-10-2007,10:11]
[**.57.60.69]
Almost Perfect!!
(in reply to: Loonie Hits 47 year high $1.05)
The BIG three have not looked that BIG in years.

When GM introduced their electic car in the late seventies and gave it to many movie stars to test the big oil companies killed it. They refused to allow any stations to install recharging centres. The plan was to have places to recharge the cars along interstates while people stopped for dinner etc. Now GM is trying to bring back there 2008 electric version of the same car this year.

There was even a movie made about the fact that the car itself was fast, quiet and would take any normal person on a normal day of driving without needing a recharge.

Roy
www.cvimmigration.com

[30-10-2007,10:14]
[**.52.217.119]
Roy
(in reply to: Loonie Hits 47 year high $1.05)
The Electric Car who killed it. http://www.youtube.com/watch?v=nsJAlrYjGz8

Rediculous huge conglomerate just stated they will increase Alberta Tar Sands extraction even after Alberta Government demanded 1.4 billion more in royalties.

Roy
www.cvimmigration.com

[30-10-2007,10:20]
[**.52.217.119]
Roy