The Canadian dollar, known as the loonie because of the bird on the coin, has reached parity with the US dollar for the first time since 1976.
(ADRIAN WYLD/THE CANADIAN PRESS VIA ASSOCIATED PRESS)
Canadian and US dollars are even in value
The Canadian dollar, known as the loonie because of the bird on the coin, has reached parity with the US dollar for the first time since 1976.
(ADRIAN WYLD/THE CANADIAN PRESS VIA ASSOCIATED PRESS)
NEW YORK - For the first time since Gerald Ford was president, the loonie can buy as much as the greenback.
The US dollar's recent decline against the Canadian dollar, the euro, and even the Indian rupee, means Americans will pay more for imports and trips to Paris, Rome, Bangalore, and Toronto. It also may drive overseas demand for US goods and help raise profits at US multinational corporations.
The US dollar reached 1-to-1 parity against the Canadian dollar yesterday for the first time since November 1976. That means one Canadian dollar now buys one US dollar, so a bottle of maple syrup could cost an American as much in Toronto as it does in New York.
A lower dollar makes US exports more competitive, but spells rising prices for imports to the United States.
Canada, a major oil exporter, has benefited from soaring crude prices and a strong economy.
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