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Hitting Par - The Canadian Dollar vs The American Dollar

In over 30 years, since November 1976, the USThe Canadian tourism industry will also
dollar and Canadian dollar have not been parsuffer, as more American visitors will
until now. As the Canadian economy has beendecline as the dollar parity discourages
progressing over the years, the US economyAmericans from shopping in Canada, since the
seems to have fallen behind with all itsone time savings of up to 40%, due to the
turmoil. The war in Iraq has not helped thedollar value, will no longer be available to
US economic situation but rather offset theAmericans.
deficit, and in a move to avoid the
forecasted economic recession due to theAlthough, Canadians will suffer in sales,
credit crunch, the feds cut interests ratesthey will gain in purchasing from American
by  0.5  points  to  4.75  percent.based businesses, and buying cars from the
American side is becoming more attractive to
The move to cut interest rates to ease thesome Canadians. As car prices in Canada are
mortgage industry has weakened the US dollarmuch higher than in America, a lot of
against foreign currency including the Euro,Canadian shoppers will find drastic savings
and giving the push for the Canadian dollarby traveling south of the border to buy a
to hit parity with the US dollar. One UScar. The difference in prices may not be the
dollar now buys one Canadian dollar. But thegreatest for all cars, but gaps in some
Canadian dollar's gain isn't only linked tocategories such as luxury sports cars, will
the US federal interest rate cut, but cansave a Canadian buyer almost $14,000 on
also be seen as the Canadian economy has beenaverage.
booming in an upward gain from 2006 with a
low inflation rate, and a red hot oilBut the high loony will put pressure on
industry.Canadian companies that are dependent on
exporting to the US, who is also Canada's
This rapid progression of the Canadian dollarlargest trading partner. Already, in 2006
against the US comes as a shock to somethere were almost 100,000 job losses in
Canadians, who measured the Canadian dollarsoutheastern Ontario, due to the rising
value at .62 USD only four years ago in 2002,Canadian  dollar  against  the  US  dollar.
and now hitting par seems too good to be
true.Even with such a massive job loss, the
Canadian economy is still doing well, as the
As Jeff Rubin, chief economist and strategistmanufacturing sector loss a total of 289, 000
at CIBC World Markets, stated, "the Canadianjobs since 2002, the Canadian economy has
economy that once used to be the sleepycreated over one million jobs in resources,
little resource backwater of the Northconstruction, services, health care,
American economy is certainly turning theeducation and financial industries, leaving
tables  on  its  big  brother  in  a  hurry."the  national  jobless  rate  at 30-year low.
So what does all this have to do withIn contrast the Canadian dollar seems to be
Canadian and American dealings with eachstronger over the American for the time
other? Well, for starts there will be anbeing, but only time will tell the future of
increase in American exports as buying fromthe American dollar vs. the Canadian. If
the American markets will become cheaper forasked to predict, there is always
Canadians. Although, vice versa Canadianuncertainty, but given factors such as future
exports to America will also decrease, as itinterest rate cuts by the Americans, could
will simply cost more for Americans to buypossibly even lower the US dollar compared to
Canadian  manufactured  goods.the Canadian, and this could become reality
in the next 6-12 months.



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