Will the Canadian dollar be worth more than it’s US counterpart in the near future?
Economists are predicting that it will in fact be at par with it within the next few months and some are even predicting it will be worth as much as $1.05 by year’s end.
Many Canadian businesses have been complaining that the high dollar has hurt their business. While in some cases this is true in others it has been a boon for others.
As the Stanley Cup finals play out and talk of the Winnipeg return to the NHL fold, it is very apparent that a high dollar will help Canadian cities hold onto and possible regain NHL franchises. You see the players are paid in US dollars which is much more affordable than just a few years ago when the US dollar cost $1.60 Canadian to buy.
So while some hurt from the swing, others gain. Since it is a free market economy we live with, one must find opportunities when things change from one extreme to the other.
The strong dollar is a sign that the world sees Canada’s economic future as bright and we should see it that way too.