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20 September, 2007

[CARTOON] Rising Canadian dollar

Just as recently as 4 years ago the Canadian Dollar was also known as the Canadian Peso; trading as low as 62 cents US. In the past year it's been on a tear rising to 98.5 cents US. Of course the downside is any manufacturer exporting from Canada is taking big hits in their profits and many have been forced to layoff workers. Where I work (in Canada) they estimate we lose $200,000 in profit every time our dollar goes up a single penny.... and they told us that about a year ago when it was around 75 cents US....

Published 'Today' (September 20, 2007)
"24 Hours" (page 6)
circulation: 354,000


Pam Hoffman said...

I remember when the US dollar and the Canadian Dollar must have been similar - we traded your coins here (mostly quarters) like we trade our own.

Then one day, I used a Canadian coin and it didn't work! I didn't know why, from then on though, any time I was given one in change, I asked for a 'real' [quarter mostly] so that must have been when the value took a dive.

I didn't actually realize it at the time so thanks for the info.

Hard to believe that even a small change in the value of the money can make such a huge difference to your industry.

Good Luck!

We are seeing the value of the US Dollar dive-bombing, partly because of a flood of $$ into the system. I'm not sure if it's a bad thing after reading this - of course it's a 'bad' thing. I am starting to wonder if it makes our exports more profitable tho.

Any thoughts?

Pam Hoffman

Jay Cam said...

lol i like that cartoon...

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