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Canadian dollar plunges almost three cents on gloomy Fed assessment

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posted on Sep, 22 2011 @ 09:14 AM
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TORONTO - The loonie tumbled almost three US cents Thursday to its lowest level in about a year as a gloomy assessment of the U.S. economy sent commodity prices reeling and traders to the safe haven status of the U.S. dollar. The Canadian dollar was down 2.78 cents to 96.63 cents US. That followed a drop of over a cent Wednesday when the currency closed below parity with the greenback for the first time since the end of January.


ca.finance.yahoo.com...

Quite a drop for the CAD nearly three cents in one day due to the assessment, now the TSX and the DOW are both doing pretty bad with freefall drops. Pretty much both US and Canadian economies have been not doing so well lately.




posted on Sep, 22 2011 @ 09:27 AM
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Oh wow... Down 294pts already. The breakers may trip if it keeps falling at this rate.



posted on Sep, 22 2011 @ 10:44 AM
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Come shop at Canada.

Save 4 cents to the buck.



posted on Sep, 22 2011 @ 12:34 PM
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yea but still, with the problems stateside peoples confidence in retail sales is still falling flat, its been lacking all summer.



posted on Sep, 22 2011 @ 12:37 PM
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Originally posted by Exuberant1
Come shop at Canada.

Save 4 cents to the buck.


That used to be the reasoning but do Americans have the money to shop here now? This should help our manufacturing base though that feeds off of a lower dollar. A good thing really.



posted on Sep, 22 2011 @ 01:53 PM
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it really depends if people are interested in buying cars but the Buy American Policy hurting Canadian Jobs in Steelworks and Iron really don't help them in the longrun.



posted on Sep, 22 2011 @ 02:02 PM
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Here's a thought. Our dollar was above par all during the tourism season. It ended 3 weeks ago. Now we are below par again. Was it manipulated that way to keep Americans at home to spend their vacation money?

Hey, don't blame me, you guys made me paranoid.



posted on Sep, 22 2011 @ 02:13 PM
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reply to post by Exuberant1
 


That'd only work if prices were only 5% higher in Canada. Prices here are MUCH higher here. In fact I can guarantee what even with the 3 cent drop buying a car would still be significantly cheaper in the US vs Canada.




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