And now for something slightly different. Not Rupert Murdoch, not the scorching weather, but money. The Canadian dollar (nicknamed “loonie” for the bird on the coin) is hitting heights not seen since late 2007, according to this from CTV news.
As of that article’s publication, one Canadian dollar was trading at 105.98 U.S.
(Note: I checked on line just now and it seemed to have dropped a smidgen, to 105.86. It’s a moving target.)
According to the article:
…analysts say the loonie is benefiting from government debt worries in Europe and the U.S.
“As uncertainty in Europe continues to rise and problems in the U.S. remain at the forefront, there is likely increased appetite to diversify holdings away from both U.S. dollar and euro-based assets,” said Scotia Capital chief currency strategist Camilla Sutton.
“Small open economies, with strong sovereign positions and flexible foreign exchange regimes, like the Canadian dollar, are in demand. We expect this is a long-term trend and one that will help to support CAD into year-end.”
Will a strong Canadian currency affect you and your spending or travel plans?
Is this more evidence the world is nervous about financial uncertainty in the U.S.?