Canada’s dollar traded equal to the U.S. currency for the first time in three decades, capping a five-year run on the back of booming demand for the nation’s commodities.
The Canadian dollar rose as high as $1.0008, before retreating to 99.87 U.S. cents at 4:16 p.m. in New York. It has soared 62 percent from a record low of 61.76 U.S. cents in 2002. The U.S. dollar fell as low as 99.93 Canadian cents today. The Canadian currency last closed above $1 on Nov. 25, 1976, when Pierre Trudeau was Canada’s prime minister.
Because as we all know, the Canadian teams sell tickets in Canadian dollars but overpay their stars with American dollars. If this trend continues, the Stanley Cup will return to Canada where it belongs instead of states like Florida and California.
All economic news is good news for somebody. Funny how half-empty the press is with economic stories where it’s half-full with stories about how criminals and other mal-intentioned people are really just like you and me.