CANADIAN IMMIGRATION NEWS

Canadian dollar hits par with US

Friday, 21 September 2007

For the first time in 30 years, the Canadian dollar has reached par with the United States Dollar. The Canadian dollar was briefly worth more than the US dollar, trading at $1.008 USD in the early morning.

Canada's strong resource base, educated workforce and flexible immigration system are all seen as driving forces behind the loonie’s rise.

he increase in the value of the Canadian dollar means that Canadians, and anybody being paid in Canadian dollars, are getting richer relative to those in the United States.

The cost for many items in Canada are expected to fall dramatically in the coming weeks, especially electronics, capital intensive industrial equipment and books. The cost of any material or labour imported from the United States and countries with their currencies pegged to the US are expected to become less expensive over the coming weeks.