Soaring loonie
Posted Mar 18, 2010 04:06:59 AM.
This article is more than 5 years old.
After jumping almost four cents so far this month, the dollar held steady in early Thursday trading.
The loonie sits at 98.92 cents U.S. – a dip of six-100ths of-a-cent from Wednesday’s close.
David Watt, a currency strategist from Royal Bank predicts the Canadian and U.S. dollars will be at or very close to parity for the next two or three years. He says foreign currency traders view Canada “as a safe haven.”
Meantime, the rising dollar doesn’t appear to be impacting local businesses in a negative way. Joan Fisk, President and CEO of the Greater Kitchener-Waterloo Chamber of Commerce, says the days of the 70 cent dollar are long gone and local businesses have been forced to adjust. In an interview Wednesday with 570 News she said the rising dollar has forced businesses to work smarter and more efficiently. She believes that has contributed to new and innovative ideas and the strong sense of entrepreneurship in Waterloo Region. Fisk says we are a world market that sells its services and intellect beyond our own borders to global buyers.
