Yeehaw, the loonie is just a fraction of a cent within parity to the US dollar!
Who do we insist on saying our dollar is "rising" when it's merely treading water while the US dollar sinks?
Is the loonie rising against the Euro or the Yen or any other currency? Some maybe (Zimbabwe for example) but none that really matter. If our dollar was genuinely rising it would be rising against those major currencies and it's not so it's not rising at all.
I know, I know - it's all semantics if you're looking at hitting the outlet malls south of the line or you've been waiting to buy that Harley. Fair enough. On the other hand, if your job depends on selling stuff to Americans the reality is frightening.
Last week I was in Victoria, B.C. There was a time when Americans flocked to its trendy downtown shops in search of bargains. A lot of them came on shopping day trips via high-speed catamarans that linked Victoria and Seattle. As the US dollar declined those exchange-rate bargains became steadily less enticing and the flow of greenbacks in Victoria cash registers dried up.
Given that our economy is so dependent on American buyers, the debt-driven collapse of their dollar is hardly cause for exuberance. Oh sure they'll keep buying our oil, they can't help themselves on that score, but oil aside maybe it's time that Harpo started looking around for other prospective customers instead of trying to score political points by snubbing them.