Canadian Dollar in Business

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April 15, 2010
The Canadian dollar exchange rate to US dollar is now $0.9975. The Canadian dollar is near parity with the American dollar. This trend may continue into the future and the Canadian dollar may surpass the US dollar in strength among world Currencies. The US dollar remains strong relative to world currencies, but the Canadian dollar is gaining momentum.

There are some factors which would suggest that this trend for rising Canadian dollar is likely to continue. The US faces high unemployment rates while recovering from a recession. Parts of the US are coping with a huge downturn in housing prices.

On the other hand, Canada seems to have a strong economy going forward. Canada is benefitting from being primarily a resource industry. Prices of resources such as oil, gold, copper, potash and other natural resources are on the rise. Gold has traditionally been a commodity to hold during inflationary times. The current low interest rate environment in the US and Canada have caused many to flock to gold as a safe currency instead of the US dollar.

Add to this the fact that China just reported its economy is growing while maintaining low inflation. China is a consumer of raw materials from Canada. Continued demand for commodities such as oil and metals will continue to benefit the strength of the Canadian dollar.

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