For the fifth straight day, the loonie made gains against the U.S. dollar and Canadian Political Parties are expecting parity soon . The Canadian Dollar now sits at 97.28 cents at last update.
The U.S. dollar has been declining for several reasons according to analysts including concerns over inflation and a massive budget deficit.
The Dow Jones nevertheless passed 10,000 today -the first time in over a year. Also at their highest levels in a year are the S&P 500 and the NYSE composite index.
In Canada it's the same story with the TSX and the TSX venture exchange. Unfortunately the news about the climbing loonie kind of puts a damper on the market strength news.
Especially living in B.C. with the forest industry the way it is, this trend is another shot in the junk. It's really the last thing the industry and other exporters want right now.
We need the U.S. dollar to gain value -we need Americans building and buying new homes! We have a huge stake in their success.