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Loonie Is Heading Upward

By KJ Mullins     Sep 14, 2007 in Business
The loonie continues to raise in value. Friday it slid to 97.08 cents US by 1:20 p.m. after a morning high of 97.24 cents US. Some in the biz think by the end of the year the loonie will be viewed at the same value as the United States dollar.
According to the CBC the world views the loonie as "petro-currency". The reason behind that is that the country produces and exports a large quantity of the crude oil.
The raise in the loonie also comes during a period where the US dollar is losing value. The US dollar has hit all time lows against the euro.
The last time that the Canadian dollar was at this high a value was mid-February 1977.
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