canadian dollar getting pummeled

[dantonsen]

I just looked at our 'dollar' and yeah.... under 90 cents, ouch. I didnt think our central bank/government would join the devaluation crowd.

I am curious as to why it is a good idea to devalue the dollar by hinting at even lower interest rates. What is cutting an interest rate from 1% to .75% or less going to do to help growth? Make over indebted people spend more money they already dont have?

At the same time anyone who is wealthy or bothers to save money gets a interest pay cut... This goes for everyone who saves for retirement or may rely on a pension in the future.

Everything we buy seems to be imported.... even all the exporters who stand to benefit buy most equipment and goods from other countries.

Half of canadas oil is imported so we will get hooped hard on that front out east.

I highly doubt anyone wants a 0.66 cent dollar again. Just imagine the gouging that will take place as the dollar weakens and all our imported food and goods starts climbing. We got gouged on the way up in the dollar imagine how bad the backslide will be?

[600twin]

I get paid in USD so for me the lower it goes the more i make.

[greylynx]

^^^Yup.

And the media keeps telling us regular folks that this is good for us because it improves the economy.

Go figure. Our cost of living for normal every day commodities goes up, and that is good for the economy.

[HunterDave]

Good for the manufacturing sector in.......Ontario.

How long before they start jacking up the prices for airplane tickets? Been thinking about a holiday.

[Lefty-Canuck]

The company I work for stock trades on the NYSE so my stock increases everytime the dollar drops:)

LC

[chewydog]

I bought a bunch of US cash when our dollar hit a high of 1.08, and just sold it a .90 cents. pennies from heaven!

[Ken07AOVette]

I already paid for my trip, flight, hotel and got yankee money at a decent price, this may be the last time we go south for a while.

As much as we love Hawaii, not going to go broke visiting.

I paid $985 for $1000 usd last year, now it's $1116 cdn for.


gas prices will be going up soon:mad0100:

[sewerrat]

I get paid in USD so for me the lower it goes the more i make.

Same here.:sHa_shakeshout:

[rwm1273]

I just bought some property in the US, and am still paying it off. It is going to cost me more to pay it off now.

[260 Rem]

Canadian monetary policy has a very limited effect on the value of our dollar against the USD. I prefer to believe there is likely a connection between devaluation and Alison Redford or Justin Trudeau :)

[Coho911]

Don't get panicked yet. It could be primarily due to a hyper valuation/hyperinflation starting in the US Dollar.

The US Dollar is a MESS. Completely lost its foundation & purely a floating value now - so the more it goes up the worse the USA gets.

It should change again - and again, and again, and again.

:snapoutofit:

[FishingMOM]

Good for the manufacturing sector in.......Ontario.

How long before they start jacking up the prices for airplane tickets? Been thinking about a holiday.

Some already have.

[Sundancefisher]

I just looked at our 'dollar' and yeah.... under 90 cents, ouch. I didnt think our central bank/government would join the devaluation crowd.

I am curious as to why it is a good idea to devalue the dollar by hinting at even lower interest rates. What is cutting an interest rate from 1% to .75% or less going to do to help growth? Make over indebted people spend more money they already dont have?

At the same time anyone who is wealthy or bothers to save money gets a interest pay cut... This goes for everyone who saves for retirement or may rely on a pension in the future.

Everything we buy seems to be imported.... even all the exporters who stand to benefit buy most equipment and goods from other countries.

Half of canadas oil is imported so we will get hooped hard on that front out east.

I highly doubt anyone wants a 0.66 cent dollar again. Just imagine the gouging that will take place as the dollar weakens and all our imported food and goods starts climbing. We got gouged on the way up in the dollar imagine how bad the backslide will be?

Canada is a net exporter of oil. Therefore this is great for our economy.

http://www.nrcan.gc.ca/energy/crude-petroleum/4555

Trade exports are made in Canadian dollars and sold in US dollars. Therefore we become extra competitive which is good for the economy.

Currently we are in a trade deficit. Buying more consumer goods than selling.

http://www.tradingeconomics.com/canada/balance-of-trade

Likely this is supposed to help kick start the Ontario manufacturing sector would be my guess. Then ease back on the dollar.

I hate it cause it makes vacations to the US stupid expensive.

[Mike_W]

I already paid for my trip, flight, hotel and got yankee money at a decent price, this may be the last time we go south for a while.

As much as we love Hawaii, not going to go broke visiting.

I paid $985 for $1000 usd last year, now it's $1116 cdn for.


gas prices will be going up soon:mad0100:

That's exactly it Ken ....don't know why everyone is so surprised, yes the dollar has dipped lower than in normally does but it dips every fall and rises every summer with the price of gas. It is actually one of the more predictable investments that you can make 10 points on in less than 6 months.

[Okotokian]

Canadian monetary policy has a very limited effect on the value of our dollar against the USD. I prefer to believe there is likely a connection between devaluation and Alison Redford or Justin Trudeau :)

must... sell... more... oil.....

[CanuckShooter]

Good for the manufacturing sector in.......Ontario.

How long before they start jacking up the prices for airplane tickets? Been thinking about a holiday.

It's good for any exporting business that sells in US dollars, and it's good for tourism...and if the dollar falls far enough the americans will come to Canada for shopping. Just imagine all the millions of americans cleaning off the shelves in our stores!!

[Ken07AOVette]

It is good for me, will remind me to live like a homeless person in Hawaii, bring home all the yankee fun tickets I can and cash them in when our dollar is low.

Kept telling the wife we should just buy a tent and bbq at the wal-mart and live on the beach, but noooooooooo:argue2:

[Taco]

Figures..... thinkin' of importing a new hooftrimming chute. First one, 14 yrs ago $1.56 per USD, second one 7 yrs ago $1.19 per USD, this one $1.12 and counting........... maybe the dollar will improve in the 6 months between ordering and receiving

[Trout Man 82]

Don't get panicked yet. It could be primarily due to a hyper valuation/hyperinflation starting in the US Dollar.

The US Dollar is a MESS. Completely lost its foundation & purely a floating value now - so the more it goes up the worse the USA gets.

It should change again - and again, and again, and again.

:snapoutofit:

Yep, very unstable. Gonna crash and burn soon enough, not that it would be great for us if it happened either.

[schmedlap]

Don't get panicked yet. It could be primarily due to a hyper valuation/hyperinflation starting in the US Dollar.

The US Dollar is a MESS. Completely lost its foundation & purely a floating value now - so the more it goes up the worse the USA gets.

It should change again - and again, and again, and again.

:snapoutofit:
The Cdn $ has held its own, and even up, against all the major currencies, except the US dollar (which has gone up even more against some other majors). We are an exporting country in relative trade terms, and the US is by very far our largest export market. So, it is generally good for our economy - its just nasty in terms of buying in US $ or travelling to US destinations. This will turn around - we can only hope the US gets its financial act in order without a really apocalyptic crisis (?).

[big bore 09]

are there any good apps to check on the dollar trading vaues

[greylynx]

There is another recession that will start crawling in about 18 months.

Don't buy that new expensive gun or fishing rod yet.

My source: That Campbell dude on Corus.

[Ken07AOVette]

are there any good apps to check on the dollar trading vaues

Xe.com

[Selkirk]

are there any good apps to check on the dollar trading vaues



Xe.com

Thanks for that ^ Ken ... much appreciated! :happy0034:

From what I can tell, this is the page most of us Canucks would use - http://www.xe.com/currency/cad-canadian-dollar

Mac