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catman
Joined: 18 Jul 2004
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SeoulShakin
Joined: 05 Jan 2006
Location: Seoul
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 Posted: Thu Sep 20, 2007 5:53 pm Post subject: |
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| That kinda sucks. I am crossing my fingers that it will fall fast... I have to send money home in two weeks. |
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contrarian
Joined: 20 Jan 2007
Location: Nearly in NK
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| Posted: Thu Sep 20, 2007 6:23 pm Post subject: |
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| All you Canadians better get set to stay here for a while. Parity of the Canadian dollar with the US dollar, will not be kind to the Canadian economy. The is going to be one big recession in the US (at which point the US pays off big pieces of its debt with devalued dollars) and the portectionism will start. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Sep 20, 2007 6:49 pm Post subject: Re: Grim Tidings Canucks: The Loonie |
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| Mosley wrote: |
| The Canadian dollar is now practically on par w/the US dollar. This translates to an exchange rate of $1CAD =915 won. It was something like 830 won when I got here earlier in the year. If you have to send money home...ouch! that smarts! |
New news today - the loonie is on par with the greenback.
http://biz.yahoo.com/ap/070920/dollar.html?.v=24
Canadian Dollar at Parity With Greenback
Thursday September 20, 6:11 pm ET
By Jackie Farwell, AP Business Writer
US Dollar Reaches Parity With Canadian Dollar, Falls to Record Lows Against Euro, Indian Rupee
NEW YORK (AP) -- For the first time since Gerald Ford was president, the loonie can buy as much as the greenback. The U.S. dollar's recent decline against the Canadian dollar, the euro, and even the Indian rupee...
| contrarian wrote: |
| All you Canadians better get set to stay here for a while. Parity of the Canadian dollar with the US dollar, will not be kind to the Canadian economy. The is going to be one big recession in the US (at which point the US pays off big pieces of its debt with devalued dollars) and the portectionism will start. |
The only place that will feel the pinch from the strong loonie and week greenback is Ontario. The west is booming with oil and resource extraction and if Uncle Sam isn't buying, the Chinese certainly are.
It would suck to be in the auto manufacturing or entertainment industries right now though. They have to compete directly with the firms south of the line.
. |
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Mea
Joined: 24 Mar 2006
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| Posted: Thu Sep 20, 2007 8:21 pm Post subject: |
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| This sucks for me and my massive student loans, but it's grrreat for shopping. I think I'll wait a few more days to see if it gets even better and then have an online shopping spree! |
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The Lemon
Joined: 11 Jan 2003
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| Posted: Fri Sep 28, 2007 8:40 pm Post subject: |
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After hovering just under par for the last week, the Canadian dollar closed at a higher value than the US dollar - 1.00096 US Dollars - for the first time since the 70s.
15 years ago I was at a Burger King drive-thru in Boston. Inadvertently among the hunk of coins I passed the teller was a Canadian dime. The way he reacted you'd have thought I was trying to shoplift: "We don't take Canadian coins! They're much less than American money. What are you trying to pull?"
These days he would be thanking me. |
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saw6436
Joined: 16 Jan 2003
Location: Daejeon, ROK
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| Posted: Fri Sep 28, 2007 9:03 pm Post subject: |
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| Canada has their own money? |
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contrarian
Joined: 20 Jan 2007
Location: Nearly in NK
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| Posted: Sat Sep 29, 2007 3:26 am Post subject: |
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| And Canadian trade goes in the crapper when ts dollar is too high. |
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Mosley
Joined: 15 Jan 2003
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| Posted: Wed Oct 17, 2007 7:24 pm Post subject: |
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Today's rate: 1 loonie = 943 won.
Give me strength Lord.... |
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blaseblasphemener
Joined: 01 Jun 2006
Location: There's a voice, keeps on calling me, down the road, that's where I'll always be
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| Posted: Wed Oct 17, 2007 7:36 pm Post subject: |
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| saw6436 wrote: |
| Canada has their own money? |
I had two American's ask me that in a store in Canada. They were from Alabama, and were excited to buy some Crown Royal. |
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marlow
Joined: 06 Feb 2005
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| Posted: Wed Oct 17, 2007 9:01 pm Post subject: |
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| Mosley wrote: |
Today's rate: 1 loonie = 943 won.
Give me strength Lord.... |
I can't understand it. The won is flying versus the US dollar, which is understandable, as most currencies are doing the same, but the Canadian dollar is flying against both the US dollar and the won. Why is the Canadian dollar so strong against the won, and when will it stop? |
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Mosley
Joined: 15 Jan 2003
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| Posted: Wed Oct 17, 2007 10:49 pm Post subject: |
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I dunno but I've got this feeling that if I buggered off home tomorrow the loonie would go into freefall.  |
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hack
Joined: 24 Jan 2003
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| Posted: Thu Oct 18, 2007 7:29 am Post subject: |
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| marlow wrote: |
| Mosley wrote: |
Today's rate: 1 loonie = 943 won.
Give me strength Lord.... |
I can't understand it. The won is flying versus the US dollar, which is understandable, as most currencies are doing the same, but the Canadian dollar is flying against both the US dollar and the won. Why is the Canadian dollar so strong against the won, and when will it stop? |
BCs economy is the hottest I've ever seen it. We run an ESL school in Vancouver and often have difficulty getting teachers because people with degrees can get jobs here in a heart beat. I had 1 lady who we were paying $32 hr which is high here and she picked the hours she wanted to work. She still left for a job at an insurance company that started her at $5500/month for a training position. Restaurants and small shops close early because they can't find help. Signing bonuses of $1000 are commonplace.
But it is being called a hammock economy with the 2 ends of the country holding up the sagging middle. BC, Alberta and the Eastern provinces have virtually zero unemployment but Ont and PQ are still lagging behind.
I went to a Board of Trade meeting the other day and some economist there predicted $1,20 loonie within 12-18 months. It's crazy. Americans who are used to visiting here because of the cheaper loonie are shocked to hear its at par and above now. Canadians are buying cars in the US and bringing them back because it's still cheaper after they pay the taxes and now very low duty.
If you haven't been in Canada for at least a year, you would notice a huge change in everyone's attitude toward the economy and of course Harper is loving it. There is now a $14 bil surplus in the economy and GST is getting dropped again by 1%(whoopie).
When I taught in Korea the won was in the mid 700s and now in the mids 900s. That's OK if you have no financial obligations in Canada but if you have, it's going to get worse by all reports. |
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biggpoppa
Joined: 14 Jul 2007
Location: Toronto, Ontario, Canada
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| Posted: Thu Oct 18, 2007 5:56 pm Post subject: |
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it will drop, but it won't drop like it has in the past...you'll see something like the high 800's after the new year, but again its going to bounce back up to the mid 900's by sept 08...i say when you see the won at an 800 level, its time to send that money home...
i was actually considering sending everything home in US dollars and the changing it back to Canada when the US economy recovers in about 2 yrs...it could be worth it...because the CDN $ is not going to to hold above to US forever...it'll stay around .90 to .95...but not this 1.02 we're seeing... |
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The Lemon
Joined: 11 Jan 2003
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| Posted: Thu Oct 18, 2007 7:24 pm Post subject: |
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| marlow wrote: |
| Why is the Canadian dollar so strong against the won, and when will it stop? |
The bank people attribute the strength of the loonie to two related trends: high oil prices (Canada is a producer and exporter), and record government and trade surpluses, which are partially caused by the oil money coming in. The federal government -and most provincial governments - have been able to score up budget surpluses and pay down their decades-old debts in an era when the US has been racking up higher and higher deficits. |
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