Red Robin
Well-known member
You Canadians need to come down and buy real estate or hard assets of some sort.
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The Canadian dollar reached an all-time high Wednesday versus the US greenback, gaining on the US currency's recent weakness, as well as soaring demand for oil, gold and other commodities.
Overnight, the loonie, a sobriquet given to the Canadian dollar, was being traded overseas for more than 1.1000 US dollars, while the American dollar slipped to only 0.9091 Canadian dollars.
The Canadian currency had gained almost two cents in less than 24 hours, before retreating slightly to 1.0920 US dollars at 10:20 a.m. local time (1520 GMT).
Analysts pointed to skyrocketing oil and gold prices -- at more than 98 dollars per barrel and 845 dollars per ounce, respectively -- for the loonie's spectacular rise. Canada is a major exporter of both commodities.
As well, suggestions by China that it may diversify its foreign reserves caused a collapse in the US dollar Wednesday.
Since the beginning of this year, the Canadian dollar has increased 28 percent, and jumped 78 percent since 2002, when it was trading at a historic low of 61.79 US cents.
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The Canadian dollar reached an all-time high Wednesday versus the US greenback, gaining on the US currency's recent weakness, as well as soaring demand for oil, gold and other commodities.
Overnight, the loonie, a sobriquet given to the Canadian dollar, was being traded overseas for more than 1.1000 US dollars, while the American dollar slipped to only 0.9091 Canadian dollars.
The Canadian currency had gained almost two cents in less than 24 hours, before retreating slightly to 1.0920 US dollars at 10:20 a.m. local time (1520 GMT).
Analysts pointed to skyrocketing oil and gold prices -- at more than 98 dollars per barrel and 845 dollars per ounce, respectively -- for the loonie's spectacular rise. Canada is a major exporter of both commodities.
As well, suggestions by China that it may diversify its foreign reserves caused a collapse in the US dollar Wednesday.
Since the beginning of this year, the Canadian dollar has increased 28 percent, and jumped 78 percent since 2002, when it was trading at a historic low of 61.79 US cents.
