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Explain the current Canadian-Us Dollar exchange rate?
Why has the Canadian dollar fallen against the US dollar when the US has been hit far harder by the recession than Canada has? Both economies have tanked, but shouldn't both currencies drop together at the same rate?
3 Answers
- busterwasmycatLv 71 decade agoFavorite Answer
no. the canadian economy has a strong resource-dependant aspect. which is the primary driving force for the descent of the dollar, and was the primary driving force for its prior rise. In case you haven't been paying atention, metals and oil have tanked in price, along with a lot of other things.
- 1 decade ago
Well this is a good question. So the US was hit harder but since there's a recession and there's no money there is a low demand for gas. Canada has gas and sells it to the US but the US cant by alot therefore the value of our dollar goes down. At the stock exchange the US trades more than Canada which raises their dollar. Anyways last time I checked to get 100 American you would have to pay 133 Canadian.
- Anonymous1 decade ago
Exchange rates have many influencing factors, but the growth rate of the economy is not necessarily one of them. People just assume it is because people also see lower exchange rates as bad.
