Bad news for the Canadian tourism industry
It looks like the Canadian dollar is getting stronger...
TORONTO (CP) - Stock markets opened modestly higher while the Canadian dollar cracked 90 cents US Tuesday morning, setting new 28-year highs amid optimism for the economy and higher oil and gold prices.
The loonie opened at 90.13 cents US, up 0.3 cent and traded later in the morning at 90.16, after rising 0.38 cent on Monday.
The Conservative minority federal government will present its first budget at 4 p.m. EDT, after financial markets close, but this wasn't a major factor in the latest loonie surge, said Shaun Osborne, chief currency strategist at Scotia Capital.
He suggested that the currency could rise to 92.5 cents US over the next few weeks, with "a continuation of gradual Canadian-dollar appreciation over the medium to longer term as well."
Which means the U.S. tourist dollar won't go as far in the Great White North. So you might not see as many of us (which, given the way some folks up there treat cars with American license plates, probably would be a good thing).
But you conservatives can come on down, because now your dollars will go farther here.
Looking forward to seeing you.