Thursday, November 01, 2007

Canada dollar hits highest level since late 1800s

Check out this news headline: "Canada dollar hits highest level since late 1800s"?!??!?!?!
The Canadian dollar raced to its highest level since the late 1800s against the U.S. currency on Wednesday, thanks to lofty oil prices and a weak greenback after the U.S. Federal Reserve cut interest rates.

Domestic bond prices ended lower as economic data from both Canada and the United States topped expectations while the Fed signaled it may be done with rate cuts.

The Canadian dollar closed at US$1.0585, making a U.S. dollar worth 94.47 Canadian cents, up from Tuesday's close of US$1.0492, or 95.31 Canadian cents.

Shortly after the North American session ended, the red-hot Canadian currency hit US$1.0617, or 94.19 Canadian cents, which some market experts consider an all-time high, given the drastic change in market conditions since the 1800s.

Canadian friends, looks like it's pretty much the best time ever for you to come visit me in California. Let the unbounded purchasing from with Canadian dollars begin.

Note to self, minimize spending when I go home to visit Canada since, yeah, as the news says... the Canada dollar hits highest level since late 1800s. Insane.

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