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The Little Loonie That Could Did It!

By KJ Mullins     Sep 21, 2007 in Business
The American dollar today was worth less than the Canadian loonie for a time. The loonie topped at at US$1.0008 before resting at 99.87 cents US by day's close. The strong Canadian loonie is the kind of news energy and import sectors smile on.
Canadians visiting the States are also enjoying the surge of their coin.
The power of the loonie though is giving Finance Minister Jim Flaherty some concerns. As he stated:
"It helps Canadian manufacturers acquire new technology, but then it also puts some pressure on manufacturers...."
One concern is that while Canadians have more power on the south side of the border with the strong loonie those from the States may not want to part with their weakening dollars.
Chronology of the Canadian dollar:
Aug. 20, 1957 - C$1 worth US$1.0614
1962 - 1970 - dollar fixed at 92.5 cents US
May 31, 1970 - Trudeau government floats currency
April 25, 1974 - floated currency peaks at US$1.0443
Nov. 15, 1976 - Parti Quebecois elected
End of 1978 - C$1 worth 84 cents US
Feb. 4, 1986 - worth 69.13 cents US
Nov. 4, 1991 - C$1 worth 89.34 cents US
Jan. 21, 2002 - all - time low 61.79 cents US
Sept. 20, 2007 - loonie and greenback at par, first time since 1976
More about Loonie, American dollar, Raising