Canadian dollar passes US$1.10 mark
SINKING FAST: Dollar continues massive decline; Euro hits $1.47.Wed Nov 7, 5:40 AM
By Neena Chowdhury, The Canadian Press
By Neena Chowdhury, The Canadian Press
TORONTO - How high will the loonie go?
The Canadian dollar's meteoric rise accelerated this week, rising two cents in less than 24 hours. The loonie broke through the US$1.10 barrier in overseas trading Wednesday, initially hitting the 110.02 cents US mark. It dropped back down to 109.6 cents US, before taking off again and landing well above US$1.10. This comes on the heels of Tuesday's rise of 1.34 cents US and modern-era record close of 108.52 cents US.
Analysts say it doesn't appear that the loonie will be returning to earth anytime soon.
The Canadian dollar is regarded as a resource-dependent currency and analysts credit the loonie's latest tear can be linked to the huge jump in oil prices, which soared to a new trading record above $98 US a barrel Wednesday overseas.
The Canadian dollar's meteoric rise accelerated this week, rising two cents in less than 24 hours. The loonie broke through the US$1.10 barrier in overseas trading Wednesday, initially hitting the 110.02 cents US mark. It dropped back down to 109.6 cents US, before taking off again and landing well above US$1.10. This comes on the heels of Tuesday's rise of 1.34 cents US and modern-era record close of 108.52 cents US.
Analysts say it doesn't appear that the loonie will be returning to earth anytime soon.
The Canadian dollar is regarded as a resource-dependent currency and analysts credit the loonie's latest tear can be linked to the huge jump in oil prices, which soared to a new trading record above $98 US a barrel Wednesday overseas.
Chart shows dollar drop 35% since 2002; Dollar hits 26 yr low vs pound.
posted by Kangaroo Brisbane Australia at 2:44 PM
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