How did this happen???
According to Reuters:
Canadian dollar tops 96 US. cents as stocks rally – By Frank Pingue, Reuters CA
The Canadian dollar rose against the U.S. currency on Tuesday and touched its highest level since late July as equity markets and commodity prices rallied and bets were on a U.S. interest-rate cut.
The Canadian dollar closed at C$1.0418 to the U.S. dollar, or 95.99 U.S. cents, up from C$1.0525 to the U.S. dollar, or 95.01 U.S. cents, at Monday’s session close.
What does this mean? Basically, if you go to Canada, your McDonald’s hamburger is going to cost what it costs you in the United States. In the United States!!!
As recently as three years ago, you’d go up there and you’d get a 30% discount on all your purchases. It was like getting your third beer, free! (Or, whatever your vice was at the time …)
This is crazy!
And, ironically, bad times elsewhere means more good times for good ol’ Canada:
Canada is a major producer and exporter of oil and gold and its currency often moves in line with oil and gold prices.
That’s right, and today oil hit an all-time high of $80 a barrel!
If the Fed does cut its key fed funds rate on September 18 it would narrow the interest rate spread in favor of the Canadian dollar as the Bank of Canada is widely expected to leave its key rate unchanged when it next sets policy on October 16.
Dear Canada: You’re welcome!
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