WTF One Loonie = $1.01 US???

[Cruiser]

http://www.bankofcanada.ca/en/rates/converter.html

Has this ever happened before? My wife just e-mailed me to say that she just sent out some wire transfers to Canada and actually paid more for the Canadian dollar. WTF?

[4matic]

I was just reading that Canada has never intervened on behalf of it's currency since fully floating in 1998. I remember .62c on a trip to Whistler. It was like stealing!

"Prior to September 1998, Canada's policy was to intervene systematically in the foreign exchange market to resist, in an automatic fashion, significant upward or downward pressure on the Canadian dollar.1,2 In September 1998, the policy was changed because of the ineffectiveness of intervening to resist movements in the exchange rate caused by changes in fundamental factors. Canada's current policy is to intervene in foreign exchange markets on a discretionary, rather than a systematic, basis and only in the most exceptional of circumstances."

[cj001f]

I remember .62c on a trip to Whistler. It was like stealing!

Amen. The best bargain of any big ski area. Now, no so much. At ~$82 for a day ticket not counting the 1-2% currency transaction fee

It's only going to get worse

[iceman]

It's definitely been that way before, I know it was in the mid-70's, but not for a long time.

[geo039]

This is why I earn CHF now!

[tuffy109]

hey dude, don't bogart my thread that i don't even read any more.

[MadPatSki]

[url]Has this ever happened before?

Yes it has, but not in the last 30 years.

I remember a Summer vacation in Maine as a kid in 1976. The Canadian $ was worth more than the US.

Here is CBC News item.

http://www.cbc.ca/news/background/economy/loonie.html

The prospect of parity
How high will the loonie go?
Last Updated September 18, 2007

Here are a few quotes related on the initial question 'WTF? Did this ever happened before".

Driven by surging commodity prices, a healthy economy and rising interest rates, the loonie's value has risen by almost 60 per cent in five years.

(...)

It has been so long that many Canadians may not remember the loonie was worth more than the U.S. greenback for much of 1972, 1974 and 1976. On April 25, 1974, the Canadian dollar went as high as $1.0443 US.

Going back even more, the loonie was worth more than $1.06 US in August 1957.

[Stu Gotz]

If you’re an international investor and bought the S&P in 2002, you’ve lost money during the last five years.

[iceman]

Thank god I'm only from one country, then.

[bagtagley]

Thank god I'm only from one country, then.

I always assumed you were International. I have to say, I'm kinda disappointed.

[Adolf Allerbush]

Because two threads are better than one:

http://www.tetongravity.com/forums/s...ad.php?t=94855

[MadPatSki]

Don't look now, but

Loonie = $1 US

Canadian dollar reached parity with the US dollar before 11am today.

EDIT...

http://www.cbc.ca/money/story/2007/0...iandollar.html

The Canadian dollar reached parity with the U.S. greenback on Thursday for the first time since November 1976.

The loonie briefly reached $1.0003 US on foreign exchange markets, the Bank of Canada confirmed. The loonie's stint at parity was brief, however, as it slipped back to trade at 99.88 cents US.

The dollar's latest rise comes as the U.S. dollar falters against major currencies and commodity prices continue to gain strength.