$CDN to $USD at par!!!!!!! (or nearly)

[ohyc]

Thursday, September 20 - 11:05:00 AM

VANCOUVER (NEWS1130) - All eyes are on the Canadian dollar today, after another major jump in overnight trading. The loonie reached parity at 8 am this morning , then fell slightly to around 99.8 cents US.

Shoppers may be celebrating but the soaring buck is sending a chill through anyone involved in the tourism business.

It's no secret the industry's been suffering over the past few years. First there was 9-11 and SARS, then tightened travel requirements, and now all those massive lineups at the border.

Randy Williams from the Tourism Industry Association of Canada says the skyrocketing dollar couldn't have come at a worse time. He says the government cancelled the visitor rebate program last year, and that was at a time when we're seeing the market share globally shrink. He says Canada was the 7th most visited country in the world, and now we're 12th.

It's not just the tourism industry that stands to suffer though. Williams says the business generates more than $17-billion a year in tax revenue, which pays for things we all use, like healthcare and education.

He's now asking the federal government to give some of that money back, so it can be spent convincing Americans that Canada is still a great place to visit.[/size]

shopping in the states anyone???
I was actually trying to do some exchange from USD to CDN for my aunt last night.. and the exchange rate was 0.9983 not 0.9983 USD to 1 CDN... so people who have US dollars and wanted to exchange for Canadian dollar are actually losing money now.... the last time this happened was about 30 years ago, where Canadian worthed more than USD...

but time for me to get some good deal on the exchange rate!!

[M Speed]

Highest is 1.06USD to 1 CAD......

should I invest more in USD? hmmmm....

[Absinthe]

Highest is 1.06USD to 1 CAD......

should I invest more in USD? hmmmm....

Don't.  Invest in Euro or Yen.

[Elder_MMHS]

Gotta remember that the main drive is not Canada doing well; it's the US tanking.

[silvia_s14a]

Gotta remember that the main drive is not Canada doing well; it's the US tanking.

Yeah, and it's inevitible.

The RMB is ridiculously undervalued. Enough so that Lou Dobbs is almost going to acquire a jet license and go bomb foreign owned Chinese factories.

I hear my friends say that socialist market and government intervention is almost non-existent in China. But that's a farce. The fact that the Chinese fixed RMB at $0.15USD is an indication that the Red Chinese have absolutely no regards for the well being of its lower class consumers.

Like I said in another post, our exchange rate against the USD will not last. Our country cannot afford a trade deficit.

[M Speed]

Don't.  Invest in Euro or Yen.

Euro will be strong.....

but yen? hell no.....Japanese market is so vulnerable

[Ice-520]

my vista sidebar now show 1CAD to 1.005USD

[Pennyville]

shopping in the states anyone???

but time for me to get some good deal on the exchange rate!!

 

agreee!!!! i'm in!! let's go olivia !!!! i can drive !! kekeke you busy monday or tuesday? i can drive!!
Kev... you want to come??

[ohyc]

 

agreee!!!! i'm in!! let's go olivia !!!! i can drive !! kekeke you busy monday or tuesday?

i got school and work... damn....
omg.. want to go soooo bad now......
i am in for the US thanksgiving holiday that Lindsay metioned the other day!!

[Username]

I would love to go sometime soon! Have to book a day off work though.

  Kev

[Pennyville]

i am in for the US thanksgiving holiday that Lindsay metioned the other day!!

yeah i heard but it's going to be sooooo pack!!

I would love to go sometime soon! Have to book a day off work though.

  Kev

i got the coming monday off *wink *wink

[jlai]

I'm buying USD AT 0.998 ... WOOOOOOOO

[jlai]

Gotta remember that the main drive is not Canada doing well; it's the US tanking.

Yeah, and it's inevitible.

The RMB is ridiculously undervalued. Enough so that Lou Dobbs is almost going to acquire a jet license and go bomb foreign owned Chinese factories.

I hear my friends say that socialist market and government intervention is almost non-existent in China. But that's a farce. The fact that the Chinese fixed RMB at $0.15USD is an indication that the Red Chinese have absolutely no regards for the well being of its lower class consumers.

Like I said in another post, our exchange rate against the USD will not last. Our country cannot afford a trade deficit.

I'm hoping the USD dollar will go back to it's strength, sooner than later..

[Elder_MMHS]

Investing in money markets is risky.

[Absinthe]

Don't.  Invest in Euro or Yen.

Euro will be strong.....

but yen? hell no.....Japanese market is so vulnerable

Most of the time the Yen is steadily going up, though not as fast as Euro.  Get your trader to hold it when there's an indication it's gonna crash.  That way you won't lose any money.

[M-Ziggy]

I bought USD at 98.73 on friday. Yet, I bought a birthday card for my dad this afternoon and it was $1.50 more than the US price on the back of the card. Stores are literally robbing us right now.

[rancid]

will be heading down there next week to do some shoppin...things are so much cheaper in the states...even when the exchange rate was a little bit higher.

[Username]

I bought USD at 98.73 on friday. Yet, I bought a birthday card for my dad this afternoon and it was $1.50 more than the US price on the back of the card. Stores are literally robbing us right now.

Indeed. I'm wondering for how long this parity will continue to exist.

  Kev

[disqx]

Its because the Canadian prices at set when the store buys the stuff months ago. If the product was bought when the dollar was in the $0.85 the store has to charge that amount to recoup their costs.

I bought USD at 98.73 on friday. Yet, I bought a birthday card for my dad this afternoon and it was $1.50 more than the US price on the back of the card. Stores are literally robbing us right now.

[disqx]

Indeed. I'm wondering for how long this parity will continue to exist.

  Kev

Probably till it really hurts us. The theory in our office is that the US is trying get the dollar low so that US made products will be more affordable to foreign markets.

AP
Another New Low for the Dollar
Friday September 28, 10:18 am ET
Dollar Hits Seventh Consecutive Low With New Data Increasing Odds of US Rate Cut

BERLIN (AP) -- The dollar hit another new low Friday as U.S. inflation data reinforced expectations that the Federal Reserve may cut interest rates again.

The 13-nation euro reached $1.4207 in late afternoon European trading -- exceeding its previous peak of $1.4189, reached Thursday, and setting the seventh record in as many trading days. The euro had bought $1.4160 in New York late Thursday.

The euro spiked above $1.42 after the release of data showing that a key measure of inflation in the U.S. eased last month to the slowest pace in 3 1/2 years.

The 1.8 percent rise in core inflation over the past year, which excluded energy and food, was within the Fed's comfort zone for core price increases of between 1 percent and 2 percent, meaning they could cut again.

The data also showed that incomes rose by 0.3 percent last month, slightly lower than had been expected.

In other trading, the British pound rose to $2.0353 from $2.0270 in New York late Thursday. The dollar was down to 115.21 Japanese yen from 115.59 yen.

The dollar has been sliding since the Fed last week cut interest rates by a larger-than-expected half percentage point. Since then, disappointing U.S. economic data have stoked expectations that another rate cut is on the way.

Lower interest rates, used to jump-start an economy, can weaken a currency as investors transfer funds to countries where their deposits and fixed-income investments bring higher returns.

The European Central Bank held off on raising its rates earlier this month, but has shown no inclination to follow the Fed's course and cut the cost of borrowing.

Higher interest rates are used to combat inflation. On Friday, the European Union's statistical agency estimated that inflation in the euro zone would hit 2.1 percent in September -- jumping from 1.7 percent in August, and putting inflation above the ECB's guideline of just under 2 percent.