Canadian dollar on the decline

The loonie closed at 92.56 cents U.S. on Wednesday

The loonie has tumbled to its lowest level in more than three years this week, leaving many wondering how much further it has to go.
Most currency experts think the dollar will continue to decline over the next several months, perhaps falling to as low as 90 cents U-S this year, and that's something that many believe will be a boon for Canadian business.
A weaker Canadian dollar ultimately leads to more consumers spending their money at home, rather than in the U-S.
The loonie lost more than a cent on Tuesday and closed at 92.56 cents U-S on Wednesday because of a rising American dollar and the U-S Federal Reserve's decision to begin tapering its economic stimulus.
Traders had hoped there would be some clues on the pace of further tapering and now the focus has shifted to Friday and the release of the government's employment report for December.

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  1. Peter posted on 01/09/2014 11:34 AM
    * * * This is great news for Canadian manufacturers. * * *

    Canadian manufacturers who sell to the U.S. will benefit from higher revenues, making them more profitable, even leading to increased employment numbers.

    Sudden changes in the dollar could be bad for some because it upsets paths that
    are in place, but over the long run this is great news once we adjust and make new paths.

    Thank you Newstalk 1010

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