Thursday, September 20, 2007

Canadian dollar

Today marks the first time in 31 years the Canadian dollar was valued higher than the U.S. greenback. Briefly trading at 1.0008, the Canadian dollar closed at 99.87 cents U.S. The last time Canada was valued higher than the U.S. dollar was on November 25, 1976. This is due mostly to the very strong Canadian economy, backed up by record high oil prices and record low unemployment rates. Meanwhile, the U.S. economy is faltering due to the downturn in housing prices, the sub-prime mortgage lending crisis, and the ballooning national debt for the Gulf War II in Iraq.