Canadian Dollar Hits New 30 Year High - 96.93
The Canadian dollar reached a new 30 year high yesterday. At one point it was trading at 96.63 cents to the American dollar. That is a far cry from the 62 cents we were trading at in November of 2001.
The difference in the past 6 years has been astounding. I know it has been nice when I convert my money over, but I can't even imagine the impact it must have on trading goods and services. I was working for a company located in Canada that was owned by a major company in the U.S. in 2001 and that was a big plus for us being up here. We were cheaper employees, not because of our skill level, but because our salaries and expenditures were in Canadian dollars.
I don't know if it is positive or negative, but it is definitely interesting times. If we do hit $1 (which it looks like we are going to), it will be something never seen by an entire generation of Canadians (including myself). It was only part of stories that our parents told when we were younger about their younger years.
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Category: Finance
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