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Good News For The Loonie

By KJ Mullins     Nov 14, 2007 in Business
With the rising Loonie do you have plans to cash in? Experts are saying now is the time instead of hoping for the dollar to do worse. The smart move is to buy those American greenbacks now and wait for the dollar to rise again before cashing them in.
The Canadian dollar has been slowly going back down since a record high a week ago.
If you have plans to go south of the border for your Christmas shopping it's best to get your cash exchanged before you go. In the States you may not get the best bang for your Loonie if you don't since most American stores don't stock up on Canadian money and worse yet don't use exchange rates. The higher cost on ATMs and credit cards will also use up your extra cents.
The United States aren't that happy that the Canadian dollar, or Monopoly money as it's sometimes referred to across the border is worth more than Uncle Sam's version.
"You almost have to say: 'This is a good level today and I'm going to do it today,"' said Adrian Mastracci, portfolio manager and financial adviser at KCM Wealth Management Inc. in Vancouver.
"Can it go to $1.15? Maybe. Can it go back to $1 or 95 cents? That can happen too. You take your risk either way."
And the best news for Canadians? A strong loonie is for the future.
The main message for Canadians is: get used to the strong Canadian dollar," TD deputy chief economist Craig Alexander said. "It's going to be with us for some time."
More about Loonie, Dollar, Spending