How Did the Canadian Dollar Trade in 2008?
It is almost hard to believe that a little more than 1 year ago, one Canadian dollar was worth more than one US dollar. The USD/CAD exchange fell to a record low of 90 cents in November 2007, prompting the Canadian edition of Time Magazine to name the Loonie the Newsmaker of the Year. However since then, it has fallen hard. In 2008, the Canadian dollar dropped to a 2 year low against the US dollar, a 9 year low against the Euro and an 8 year low against the Japanese Yen. However CAD weakness was not universal. Currencies that also lost value against the Loonie include the British pound, New Zealand and Australian dollars. Looking ahead, the odds are still skewed towards further losses for the Canadian dollar. Canada: Recession Only Beginning The recession in Canada is only beginning. According to Statistics Canada, the Canadian economy slipped into recession in the beginning of the fourth quarter. Contrast that with the US, which has been in a recession since December 2007. It is not a
