Loonie Hits 47-Year High; Update - Broke $1.10 today!

[Bertuzzied]

Dollar broke the $1.09 mark at $1.0903.

[kevman]

Originally Posted by Burninator

Do you save any money by buying from there after shipping and boarder costs?

They'll ship CD's too and have a bigger selection than amazon.ca. I'm also informed that CD's and DVD's (books too?) ship from their Ontario warehouse so you don't pay GST or duties since it never crosses the border...

[Suave]

Broke $1.10 now

China sends loonie flying above $1.10
China's move to diversify its $1.43-trillion (U.S.) in foreign reserves caused a collapse in the U.S. dollar Wednesday and sent the Canadian currency hurtling over the $1.10 mark.
http://www.reportonbusiness.com/serv.../Business/home

[return to the red]

down to 1.09 now but i'm willing to bet it will close above or very near the 1.10 mark

[Juventus3]

Alright, enough is enough. The dollar is over extending itself. The higher it climbs the harder it's going to come crashing down.

That said, I'm going to the US tomorrow.

[return to the red]

Originally Posted by Juventus3

Alright, enough is enough. The dollar is over extending itself. The higher it climbs the harder it's going to come crashing down.

That said, I'm going to the US tomorrow.

you really think so? I think something has to really screw up before we see anything like that happen. There are way to many global factors in the play now

[Juventus3]

Originally Posted by return to the red

you really think so? I think something has to really screw up before we see anything like that happen. There are way to many global factors in the play now

I just don't like the idea that our currency is growing with the value of a single natural resource. It's going to kill Canadian exports in the coming year, which will end up hurting our economy in the long run.

I'd think unemployment will also go up.

[Cowperson]

I'll be in California later in the week. Good timing.

The Canuck buck is slaughtering most currencies, even others strong against the USA dollar.

Fairly remarkable. Probably unsustainable.

Cowperson

[return to the red]

Originally Posted by Juventus3

I just don't like the idea that our currency is growing with the value of a single natural resource. It's going to kill Canadian exports in the coming year, which will end up hurting our economy in the long run.

I'd think unemployment will also go up.

It's not just one natural resource however. Yes Oil is a primary driving force behind the dollar but we have many other resources that are going to factor on a global scale (ie. Aluminum, grain, lumber), this is why I can't see the dollar taking a steep decline in a short period of time

[Top Shelf]

This has been and will continue to be very interesting to follow. How high can it go? How long will it last? Will the Bank of Canada step in and cut interest rates? Cool stuff...

Another link: http://www.thestar.com/Business/article/274370

[STeeLy]

The Canadian currency is shooting really high... It went from being below the American Dollar, to matching the american dollar... now over the american dollar in under a year... But it is tough to say how long the Canadian dollar will be on the rise... as of now, I'd probably trade some Canadian money for some american money, then IF and WHEN the Canadian dollar drops... change it back into Canadian...

[Kipper is King]

Apparently they are going to have trouble correcting this. The CDN dollar could

[ken0042]

Seems to be back closer to $1.09 now.

[mykalberta]

Take this for what its worth.

CBCNW this morning had an analys from I think RBC Capital talking about the dollar. The question was raised that some anylysts have pegged the dollar to go as high as 1.25 and the RBC guy said he stopped betting when the dollar hit 1.10.

I wouldnt be surprised now if it did go that high. I dont think the fundamentals are there for that but when did the financial markets ever worry about fundamentals

[Sylvanfan]

Well I guess that economics lesson that a certain banned poster gave us all after the Kiprusoff signing last week is out the window! Feel some redemption here Chris!

It's staggering how fast our dollar when from $1.00 to the $1.09 range. For a Canadian company that did a project for an American company and has 60 day billing....That company just lost about 20% if the U.S. company took 60 days to pay. Even with 30 day invoicing you'd be looking at 11%. Oh well long weekend coming up, I guess I'm going to Spokane.

[ken0042]

Originally Posted by Sylvanfan

For a Canadian company that did a project for an American company and has 60 day billing....That company just lost about 20% if the U.S. company took 60 days to pay.

We ran into some similar issues with our trip to Phoenix this month. Booked the hotel in September and paid $1.05 CND on the US dollar. Because when you book on Orbitz they charge you right away for your stay.

The game tickets are easier to take the hit on although those were all in the $1.08 CDN range- because last time I checked the Cardinals game was sold out, and the ASU football tickets would have put us in the end zone instead of the 50 yard line. (Or at least that's how I have to keep telling myself we did well.)

At least the most expensive part of the trip can be paid for with cheap US dollars; the hookers and blow.

[BavarianHorde]

Originally Posted by Juventus3

I just don't like the idea that our currency is growing with the value of a single natural resource. It's going to kill Canadian exports in the coming year, which will end up hurting our economy in the long run.

I'd think unemployment will also go up.

Come to British Columbia and watch the forest industry desolve.

[photon]

Originally Posted by BavarianHorde

Come to British Columbia and watch the forest industry desolve.

The pine beetle is on it's way to Alberta too.

[return to the red]

Originally Posted by Sylvanfan

Well I guess that economics lesson that a certain banned poster gave us all after the Kiprusoff signing last week is out the window! Feel some redemption here Chris!

It's staggering how fast our dollar when from $1.00 to the $1.09 range. For a Canadian company that did a project for an American company and has 60 day billing....That company just lost about 20% if the U.S. company took 60 days to pay. Even with 30 day invoicing you'd be looking at 11%. Oh well long weekend coming up, I guess I'm going to Spokane.

On the other hand for companies like the one I work for we have never been happier. 90% of our purchases come from the states but we, unlike most, actually pass on the savings to our contracters and retail

[surferguy]

Loonie takes a tumble...

1.0745 now...