Strong loonie: Will it encourage you to shop?
- October 15, 2010 10:38 AM |
- By POV
By CBC News
The loonie drew even with its U.S. counterpart early Thursday before dropping back later in the morning.
After breaking through the $1 US barrier to $1.0019 before dawn, the loonie gave back its gains to close down 0.12 of a cent to 99.40 cents US.
The loonie has been rising steadily for weeks, even as the Bank of Canada shows signs of taking a pause in rate hikes because of a cooling economy.
It has been supported by weakness in the U.S. dollar, which has been pressured by speculation that the U.S. government will start injecting more money into the weak economy to give it another boost.
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As of 10:34 a.m. ET, Friday Oct. 15, the loonie is trading at $0.9862 US.
Are you going to take advantage of the strong loonie, and do some cross-border shopping before the holiday season? Take our survey and tell us your favourite cross-border destinations in the comments section below.
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