Currency Parity Brings Canadian Shoppers South
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The strength of the Canadian dollar is driving Canadians into the U.S. to shop for shoes, school supplies, gasoline, used cars and second homes.
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The euro traded above $1.40 for the first time since the common European currency was introduced. The dollar also sank to one-to-one parity with the Canadian dollar.
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Customs warn transatlantic shoppers taking advantage of the cheap dollar not to get caught out by duty.
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TORONTO (CP) - A roaring jobs market in Canada and disappointing jobs data from the United States helped the Canadian dollar crack 80 cents US in trading Friday for the first time in more than a decade.
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Retailers south of the border are keeping an eye on their tills today, as the holiday shopping season gets its traditional post-Thanksgiving launch.
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Holiday shoppers were not spending as freely as expected, causing worry for many economists and investors.
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U.S. states that have looked to Canada to help their residents win steep discounts on prescription drug prices are turning to Europe for the same deals because the Canadian government is considering shutting off the southbound flow.
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The story of the last week has been the fall and fall of the dollar with the currency touching daily record lows against the euro.
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TORONTO (CP) - The Canadian dollar was on another tear Wednesday, rising more than a full US cent against a weakened American greenback, in the loonie&#39;s first day of trading in Toronto since the Christmas holiday.
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So it has come to this for the tumbling U.S. dollar: It dropped below the Canadian dollar last week and is barely hanging on to parity now.
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The dollar is down, and a lot of the developed world is worried that this could mean the end of economic recoveries. In Europe, where the euro is routinely said to be setting new record highs, governments
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GREENSBORO, N.C. - When Charles Ruppert has a yen for a white-chocolate latte, he doesn't head to Starbucks . He goes to a McCafe in a McDonald's restaurant - and pays 26 percent less.
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OTTAWA (CP) - Sustained weakness in the US dollar will dampen American demand for Canadian products at the same time the global economy also appears to be slowing, Bank of Canada Governor David Dodge warned Wednesday.
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Apart from truffles and a variety of other imported foods, the sinking dollar has so far had a modest impact on the prices paid by American consumers.
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TORONTO (CP) - The Canadian dollar was down nearly nine-10ths of a cent against the US dollar Wednesday afternoon after the price of oil fell and an economic report showed strong US growth in the third quarter.
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The Canadian dollar dropped two-thirds of a US cent in early trading Friday after a tame inflation report eased pressure on the Bank of Canada to raise interest rates in coming months.
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TORONTO (CP) - There is a perception in international financial circles that Canadian markets are the &quot;Wild West&quot; and it hurts Canadian companies when they try to raise money abroad, Bank of Canada governor David Dodge said Thursday.