Since November, 1976, Canadian dollar has never been closed above parity
with U.S dollar. However, now 2007, it has closing up two thirds of a cent at 1.0052(U.S.).
According to the Global currency strategist at JP . Morgan in New York said Canadian dollar is
used more than another as a proxy for oil and when oil prices rise, anyone that want to bet on oil
and does not want to play the commodity market turns to the Canadian dollar. Soaring oil and
gas prices have bolstered Canada’s economy and currency in recent years, leading the loonie to
be dubbed the petro currency. Canadian loonie has increased 6.4 per cent in the third quarter of
this year and more than 5 per cent this month. On the other hand, U.S economy is argent that
interest rates again to prop up the ailing U.S. This Canadian dollar currency that is increasing
currently. This proves that Canada is developing and becoming a strong economy country.
Canada was always behind the U.S. for a long time. But, now I think its time to show the power
that Canada got to other country. However, it will be not benefit to people who exchange money
to Canadian dollar because the exchanging Canadian currency is so high.
1 comment:
Just like you, I think that Canadian dollar currency is increasing because Canada is developing very well in these days. Canada is one of the top developed country in the world, and will develop more. I think that later on the Canadian dollar currency is going to be higher than the United State's.
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