CANADA - The Canadian dollar briefly hit 100.12 cents US today, despite reports that Canada's economy during 2009 was actually in a deficit.
The Canadian dollar is hot right now because of high oil prices. Whenever the price of oil goes up, the Canadian dollar usually follows suit.
In New York today oil prices hit $86.84, an 18 month high.
According to a new economic report by Statistics Canada however Canada went into a trade deficit during 2009 due to low exports and higher imports, the first trade deficit since 1975.
Canada had a trade surplus of $46.9 billion in 2008, compared to a deficit of $4.5 billion in 2009. It is a sobering realization that Canada's economy may not be as strong as we think it is.
The high Canadian dollar is hurting Canada's exports, thus creating a trade deficit.
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