Jun 04 2007

Looniness in the currency market

The loonie’s rise to over 94 cents US is causing some nationalistic pride amongst our citizenry and some real financial worries for corporate Canada. It won’t do us much good if we can buy our iPods at the same price as our southern cousins if we’re out of work and can’t buy groceries.

But we can’t say we didn’t see this coming. Canada’s budget-surplus guided, resource-driven economy has been booming for years while the US is saddled with an $8.5 trillion public debt and a national treasure pipeline that funnels wealth one way, straight into Baghdad.

In any case, now might be a good time to book that Las Vegas trip you’ve been thinking about. At least when you’re forking over your paycheck, it will be at par.

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