Globe14OCTDollar-2 - Tavia Grant Globe and Mail Update...

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Tavia Grant Globe and Mail Update Published on Wednesday, Oct. 14, 2009 8:22AM EDT Last updated on Wednesday, Oct. 14, 2009 11:26AM EDT The Canadian dollar surged again Wednesday, moving well above 97 cents (U.S.) as the U.S. currency continued to sink. The dollar rose to 97.27 cents, up 0.79 of a penny, as a weakening greenback, higher commodity prices and a stronger economic outlook drove it higher. Many currency strategists believe parity could be reached within days. The recent appreciation “is reminiscent of late September 2007, when the loonie made its move to parity,” said Andrew Pyle, portfolio manager at ScotiaMcLeod, in a morning note. “Back then it took only a week from these levels to hit parity.” By Nov. 7, 2007, the loonie reached a modern-day high of $1.10. The Canadian dollar has risen 3.2 per cent in the past five days and 18.2 per cent in the past six months. Prime Minister Stephen Harper said yesterday the rapid move is a “risk” to economic recovery, given its impact on Canadian exporters. Canadian snow
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This note was uploaded on 10/19/2011 for the course ECON 101/102 taught by Professor Gateman&neary during the Spring '09 term at The University of British Columbia.

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Globe14OCTDollar-2 - Tavia Grant Globe and Mail Update...

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