Wednesday, October 7, 2009

US Dollar Hits New Low Against . . . Canadian Dollar?

The Canadian dollar hit the highest level in 2009 against the US greenback Tuesday.  The loonie - as the Canadian dollar is known - reached 94.66 US cents during the day. It is the highest level the Canadian currency has reached against the US dollar since October 1, 2008. The loonie has sunk as low as 77 US cents in March this year as oil and commodity prices plunged globally. Since then the Canadian currency has made steady climb as the greenback got battered against other currencies.

Tuesday's rise of the Canadian dollar against the US currency was also fuelled by speculative reports that many oil-producing Arab and non-Arab countries might switch over to non-dollar currencies for tradig in oil. Rising commodity prices, led by gold, also pushed up the Canadian markets, with the composite index on the Toronto Stock Exchange reaching 11,247.97 points.
Canadian currency at record levels against US dollar- Hindustan Times

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Breaking US Dollar Collapse News

What's Behind the Decline of the US Dollar?

This is one the of the best and simplest explanations we have seen:
The U.S. dollar's downward slide is accelerating as low interest rates, inflation concerns and the massive federal budget deficit undermine the currency. - Wall Street Journal, April 23, 2011
Interestingly, the Federal Reserve is responsible for, or an active participant in all three of these factors.