Canadian Dollar Slides
The Canadian dollar is in a declining mode and hit a 13-year low recently by hitting below 69 cents. This happened last in 2003. There is no sign of moving into positive territory in the short run, as the oil price is staying around or below $30 US.
As a wide array of global issues are unfolding, it’s hard to see anything positive enough to push up the Canadian dollar any time soon. China’s sluggish economy, Iran’s stepping into the global market, and the Syrian crisis are only a few to mention.
However, it can’t be all bad for a dollar that’s at its decade low. Yes, a low dollar means paying more at the groceries, travelling abroad less, and shopping less online and outside Canada, but it has some good sides too.
The film industry, Hollywood North, has experienced an accelerated incoming flow from Hollywood to make more movies due to the low dollar.
The tourism industry is also going through a boost as more visitors are coming in from the USA and across the globe. From hotels to dining, and everything else, the Canadian dollar makes much more sense now than before.
Shopping malls across Canada are experiencing more foreign buyers than ever before. In the past, Canadians are the one to cross the border for bargains, but the picture has reversed, as Americans are finding things a lot cheaper with currency conversions and shopping in Canada makes sense.
Industries such as animal agriculture, mining, goods and services, automotive, and anything related to manufacturing industries will be able to export more as foreign buyers will find cheaper prices more attractive due to the dollar’s nosedive.
As the Canadian dollar goes through its cycle, just like everything else, Canadians are embracing and adjusting to deal with the dollar’s peak and dips.