$1 Cdn = $1 US

[DNP]

Last Updated: Thursday, September 20, 2007 | 12:39 PM ET
CBC News

The Canadian dollar reached parity with the U.S. greenback on Thursday for the first time since November 1976.

The loonie briefly reached $1.0003 US on foreign exchange markets shortly before 11 a.m. ET, the Bank of Canada said. The loonie's stint at parity was brief, however, as it later slipped back to just under $1 US.

Some financial data providers reported that the loonie had reached parity shortly after 9 a.m. ET. But the Bank of Canada said the data its trading room was looking at did not show parity at that time.

"Currency trading is an over-the-counter market," a Bank of Canada spokesperson told CBCNews.ca. "It's not like the TSX." So there can be small discrepancies depending on the trades the data source monitors.

At any rate, all data sources are now showing that the Canadian dollar did reach parity.

U.S. dollar falters

The dollar's latest rise comes as the U.S. dollar falters against major currencies and commodity prices continue to gain strength.

Source: http://www.cbc.ca/money/story/2007/09/20/canadiandollar.html

 

[hugegrowth]

Even if C$ is slightly lower than US$, when you exchange US dollars at the bank or through paypal to C$, you will get less C$ now

 

[socalboy]

Unbelievable. The USD has been in freefall against almost all other major currencies for years now, and there is no sign of slowing. The US today reminds me of the Roman Empire in its later years. The parallels are amazing. Unfortunately, I don't think the future in the US looks bright. Soon we are going to have a massive increase in retirees, the vast majority of whom apparently have saved virtually nothing for retirement, dependent upon a social security and medicare system which is entirely broke. 10 years ago, I never would have thought about emigrating, but today I'm actually considering it.

-SoCalBoy

 

[hugegrowth]

Where would you go? Brazil has a relatively younger population, so does Iran.

Jim Rogers talked about every century having an 'empire' of sorts, one country that drives the world economy and influence. The US was the 1900's, English empire the 1800's, Spain in the 1700's. He thinks the 2000's will belong to China, which long ago was a world empire. take it for what it's worth.

 

[VisualDigits]

If things get really bad, I'm moving back to europe.

 

[DomainMagnate]

US is still going strong, no panic

~MG

 

[TheLegendaryJP]

If things get really bad, I'm moving back to europe.

Get really bad ? You already live in NJ ound:

 

[Theo]

Today's information society panics at the tick of the stockmarket.
So what if the dollar goes down?
Trade the FOREX, make money regardless of direction.

 

[VisualDigits]

Get really bad ? You already live in NJ ound:

You should be a stand-up comedian.

 

[A D]

I will have to change dnf memberships fees to euros or pounds soon.

-=DCG=-

 

[DNP]

I will have to change dnf memberships fees to euros or pounds soon.

-=DCG=-

British pound will colapse withing next few years as well. :yes:

 

[DomainMagnate]

British pound will colapse withing next wew years as well. :yes:

Why is that? So should we all invest in the Iraqi dinars :uhoh:

I should quickly exchange my 100 pounds I have left from the last trip to London :lol:

~MG

 

[hugegrowth]

Buy commodity index funds.

 

[garyrcanuck]

Just another report on the Loonie rise

http://www.mytelus.com/ncp_news/article.en.do?pn=canada&articleID=2757096

This does save me a little, BUT, today I priced a replacement battery for my sennheiser headset. In Canada at :the Source" cost $42.CDN. Online at the sennheiser US website $16.95 US. I could not place an order there.

We still pay awaaaay to much for just about everything here. But I love it.

 

[socalboy]

This century I think the US will have to share power with a reunited Europe, China, India, Russia, which I don't think has psychologically set in. The people running the country still view the US as the superpower with some sort of right to go whereever it wants.

And re forex, yea I was on that a while ago, and hedged best I could in Euro, AU dollar, and pound sterling. Actually, the Australian dollar position has done the best, but maybe I should have gone with CA dollars too!

And re leaving US, not packing my bags quite yet. Did inquire at the Australian consulate tho. They have a 4 year residency requirement now. Europe and Canada also possibilities. America and Americans are now the most indebted they have ever been, with massive government deficits due to triple in the next decade, and a slowing economy. I think heavy tax increases are on the way, which will only slow the economy more.

Not only is the federal retirement system broke, but many local, state, and corporate pension funds are way underfunded too. San Diego recently said that within the next few years, it's municipal pension obligations will eat up more than half the annual budget, mandating big cutbacks in city services like police, fire, etc. And to make matters worse, many of these pension funds saw huge losses when the stock market burst in 2000, and to shore up yields, they invested heavily in CDOs, the same ones which caused the credit crisis last March and August. Experts are saying it could take more than a decade for that mess to play out.

The problem is we just don't make anything anymore. We let those jobs go elsewhere. Even 10 years ago, we made a lot of computer equipment, but that's going too. 70% of the US GDP now is just consumer spending. And we have had a zero savings rate for 2 years running. Last time that happened was during the Great Depression.

I'm not so sanguine as others above.

-SoCalBoy

We still pay awaaaay to much for just about everything here. But I love it.

What about prescription drugs, far cheaper than the US.

 

[garyrcanuck]

What about prescription drugs, far cheaper than the US.

Yep, We do have a winner there. Possiblythe best medical plan in the world.

 

[Kamloops]

It wont be long until the canuck dollar will be stonger than the USA peso , so to fellow canadians will you sell your names in CAD or USA?

We are losing parking revenue now as well as we get paid in USD.

 

[VioxxLawyers]

Yep, We do have a winner there. Possiblythe best medical plan in the world.

"Canadian government policies have driven up prices of generic prescription drugs so dramatically that they are more expensive than their U.S. counterparts, a study showed on Tuesday.

Prices of generic prescription drugs in Canada were, on average, 115 percent higher than U.S. prices, a study by Canada's Fraser Institute showed."

 

[PeterMan]

"Canadian government policies have driven up prices of generic prescription drugs so dramatically that they are more expensive than their U.S. counterparts, a study showed on Tuesday.

Prices of generic prescription drugs in Canada were, on average, 115 percent higher than U.S. prices, a study by Canada's Fraser Institute showed."

That is true, but we pay for them in our taxes which are fairly high, so when it comes to health care we do not directly have to pay these higher prices for drugs...

 

[VioxxLawyers]

A very good movie

http://www.endofsuburbia.com/

"Oil Depletion and the Collapse of The American Dream"

http://uncutvideo.aol.com/videos/87e37fb0b8a336d1e39bb15b42ffa8