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» AnimationNation   » SideTopics   » Canadian Dollar Reaches Parity With U.S.

   
Author Topic: Canadian Dollar Reaches Parity With U.S.
Jennifer Hachigian Jerrard
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Today is a great day for the loonie! [Wink] $0.99 American will buy $1 Canadian today.

quote:
From http://ap.google.com/article/ALeqM5j6DO-M306r3uR6wYuld4DI8fUeXw

Canadian Dollar Reaches Parity With U.S.
By ROB GILLIES – 2 hours ago

TORONTO (AP) — The Canadian dollar reached parity with the U.S. dollar on Thursday for the first time since November 1976.

Known as the loonie because of the bird pictured on the one-dollar coin, the Canadian dollar has been gaining ground on its American counterpart since hitting an all-time low of 61.79 U.S. cents on Jan. 21, 2002.

This week the loonie rose sharply against its U.S. counterpart after the Federal Reserve announced a dramatic half-point cut in its benchmark interest rates. The Bank of Canada, meanwhile, has kept its equivalent rates stable.

As a result, the spread between U.S. and Canadian interest rates widened, making Canada a more attractive place for German, Japanese, American and other foreign investors to put their money.

The soaring loonie also reflects the strong fundamentals of the Canadian economy, which has benefited from record world crude oil prices and strong demand for metals, coal, chemicals and grain.

...

The high Canadian dollar will increase the number of cross-border shopping trips as Canadian consumers come to the U.S. to buy clothes, shoes and electronic gear. Many goods in Canada haven't been reduced yet to reflect the rising Canadian dollar.

"It's going to take some time before it trickles down to us," said Linda An, who calls herself a shopaholic. "Shopping, especially for big ticket items is great now in the U.S."

...




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OFFBEAT
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That article is obviously a conspiracy theory. Everything is fine. Rush Limbaugh says so.

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Patty B
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Look out Amazon!
Here we come!


( I had no idea we were benefiting from high crude oil costs!!! )

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tstevens
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When I lived in Vancouver I seem to recall that most consumer products were already cost adjusted across the border. When you eventually figured things out, it wasn't like you were really paying any more or any less for food or goods. I can see it actually being bad for Canadian production companies though and good for American companies.

The whole reason why productions use to go to Canada was because of the cost savings. With a 1:1 ratio there is less incentive for American companies to go over the border. Same goes for live action film making.

Many states like New Mexico are offering such good tax breaks that it is more attractive to stay in the states. Mix that in with a weak dollar and the incentive to go to Van or Toronto sort of goes down the drain.

The downside is if for American tourists who want to travel to Canada.

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Greg B
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It's getting so bad I expect the dollar to fall against the quatloo soon.

Provider 1 gonna bust a move on the stock market!

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Steve Schnier
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Well said, GregB. Well said... [bow]

Actually, although value of the US and Canadian dollars my be equal, the cost of consumer items isn't. Car manufacturers for example have kept the price of new cars higher ($3000 on average for the exact same car) in Canadaland than they are in the U.S. & A.

Why? Because they can. Crash ratings and specific legislated requirements (full-time running lights for example) mean that its very difficult to import a new car purchased at a US dealership to Canada.

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Charles
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That may have more to do with Canadian regulations that it does with American car makers. I'm sure they'd love to sell as much up north as they could.

Every cloud has a silver lining, and it's not necessarily a bad thing that the American dollar will continue to devalue against international currencies. For one thing, it will be more attractive for American as well as foreign business to spend those dollars in America. American goods will become more attractive to the international market. A weaker dollar will mean more vacations spent for Americans within the US as opposed to going to other countries, and also encourage more international tourism here.

There's some rough seas ahead for the dollar, but it's not all doom and gloom.

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Tobias A. Wolf
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Despite all the tax incentives up north, if this becomes a sustained trend it's going to make state side financing much more attractive in both live action and animated production.
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Steve Schnier
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Coincidentally, an article appeared in Saturday's Toronto Star on the Canadian automotive pricing dilemma .
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Jennifer Hachigian Jerrard
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The TAG Blog posted thoughts on how the falling dollar could impact the animation industry here:
http://animationguildblog.blogspot.com/2007/09/el-falling-dollar.html

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OFFBEAT
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Maybe this means Canada will outsource to us.

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Fooksie
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Then some Americans will get to produce animation for PBS.
You know, that little network that's funded with our tax dollars.

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Buddy Love

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OFFBEAT
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I listened to Rush Limbaugh today (because I'm capable of listening to the other side of the argument) and he calls the american economic slump a product of liberal bombardment smear campaign. Unbelievable.. because he has so many viewers.. I want to throw out a common sense rebuttle..

Unless he's insinuating that all these articles are fabrications.. Where does he think the 'Liberal Media' is getting all these stories from?? If it wasn't happening.. they couldn't report on it!! They wouldn't have so much ammo.. and where is the overwhelming evidence supporting his argument? It's not in the papers, cause it doesn't exist!

Rush Limbaugh reminds me of Squealer from Animal Farm.. or Baghdad Bob. So faithfully blind to his party. They are infallible in his eyes.

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-FP-
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quote:
So faithfully blind to his party. They are infallible in his eyes.
See this related post.
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Steve Schnier
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quote:
You know, that little network that's funded with our tax dollars.
Yeah. We've got a bunch of those too. [cheers]
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Fooksie
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Just a touch off topic, but here goes:
The thing I love about this country, that's America,(but it probably holds true for others),
is that the coservatives think that the media is too liberal, and the liberals think the media is too conservative.
Anyone else think that this is amusing?
Kinda like blind men describing an elephant.
The description depends on what part you're holding.
Back on topic, things must be confusing in Canada's bookstores.
Are they using the American prices in those little boxes now?

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Jennifer Hachigian Jerrard
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Most American traditional media are neither conservative or liberal, but lazy.

quote:
Back on topic, things must be confusing in Canada's bookstores.
Are they using the American prices in those little boxes now?

Hm...don't know.

Cerebus phonebooks always had a single Canadian price listed, whether sold in Canada or the United States. Years ago, comics fans in the States complained about paying $25 American while fans in Canada got to pay $25 Canadian for the exact same book. Dunno if they're complaining now.

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