While it certainly tickles Canadian pride to see our dollar hit 1.0501 US this afternoon, inching toward its postwar high of $1.0614 US, let's be clear.
The rising loonie is more about the continued tanking of the US dollar than the strength of our economy. This is not cause for celebration.
Canadian exporters have been killed by the rising dollar, while Canadian consumers have enjoyed virtually no benefit from the loonie's ascent.
Today, the US dollar fell to record lows as against the Euro. The American economy looks like it is heading for big trouble.
I'm no economist, but that can't be good for Canada.
- Garry J. Wise, Toronto
Visit our Toronto Law Firm website: www.wiselaw.net
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