US Dollar hits 31 year low against Canadian Loonie

[Dardedar]

$1 Cdn = $1 US

Loonie reaches parity, then closes at 99.87 cents US
Last Updated: Thursday, September 20, 2007 | 6:07 PM ET
CBC News

The Canadian dollar reached parity with the U.S. greenback on Thursday for the first time in almost 31 years, capping a spectacular run that has seen it rise 62 per cent since 2002.

The loonie briefly reached $1.0003 US on foreign-exchange markets shortly before 11 a.m. ET, the Bank of Canada said. The currency spent much of the rest of the day flirting with parity — at one point trading at $1.0006 — before closing at 99.87 cents US, up 1.37 cents from Wednesday's Bank of Canada close.

"It's a hallmark of successful economies that they also have strong currencies," Ross Healey, CEO of Strategic Analysis Corp., told CBC News.

[SNIP]

Back in the spring of 2006, National Bank of Canada was the first of the big banks to predict that the Canadian and U.S. currencies would reach parity. On Thursday, they were doing a bit of tongue-in-cheek gloating.

"It would appear that we could miss our forecast made back in April 2006 calling for currency realignment and parity with the USD by fall 2007 by a couple of days," National Bank economist Stéfane Marion said.

Fall begins with the fall equinox on Sunday.

LINK

[LaWood]

""It's a hallmark of successful economies that they also have strong currencies," Ross Healey, CEO of Strategic Analysis Corp., told CBC News."

With that in mind we are in for a long slide downward. If you bought gold or other precious metals a year or more ago you will profit. In down times Wally often zooms back as they can shift their merchandise to low end stuff and higher end buyers return. If you purchased a high mileage vechicle you are ahead of the game. 60% of our energy needs are imported, mostly from Canada. A weak dollar means imports cost more.


According to NASA's Planetary Phenomena for 2007 Fall Equinox begins
Sunday, Sept 23 9:52 UT. That will be 4:52 AM CDT.
It should be a colourful autumn for the Ozarks. The rainfall in late Aug and early Sept will provide a long turning of leaves period.

[Barbara Fitzpatrick]

Have you seen the value of the Euro? The dollar is at low water and sinking fast. If China and Japan decide to dump our debt, we'll slide into depression next best thing to immediately.