Up, Up and Away
November 21, 2007
By Jane Ayer
Although the Canadian dollar has dropped from its record high of $1.10,
it’s still trading just above par, after reaching parity with the U.S.
dollar in September for the first time in 30 years. That’s quite a jump
from 85 cents U.S, where the dollar stood at the beginning of 2007.
The Bank of Canada cut Canada’s key interest rate to 4.25% on Dec. 4th, with another cut expected in January.
With manufacturing sales in August down 4.6 per cent from July, a drop in manufacturing shipments, and, according to the Canadian Manufacturers and Exporters, a loss of jobs to China, the U.S. and other countries, Canadian manufacturers are feeling the pinch.
“It’s a black day for manufacturing and for tourism and hospitality and gaming. A whole lot of the economy is going to be impacted by this dollar and that's just tragic,” Canadian Auto Workers president Buzz Hargrove has said of the strong dollar.
Has it been a dark few months for your business? How is your company or your workplace being impacted? Is the strong Canadian dollar placing pressure on your bottom line? What kind of changes have your or your employers made to maintain that bottom line? This is your chance to have a say and tell your story.
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