July 26, 2011

America wallows in debt while Canada soars

POLITICS - The Canadian dollar closed higher today as Republicans and Democrats bickered over what to do about America's huge debt and bankrupted finances. So far American lawmakers have failed to raise the country's debt limit and this delay is hurting the US economy.

In Canada the Canadian Loonie went up to 106.07 cents US after earlier running as high as 106.3 cents US today, its highest level since early November 2007.

The United States has a week to reach a deal to increase its $14.3-trillion USD debt limit or will not being able to pay its bills. That has led to fears the world's largest economy could default on its debts and send shockwaves throughout world markets.

The weak U.S. dollar also pushed oil prices higher with the September contract on the New York Mercantile Exchange up 39 cents to US$99.59 a barrel. A weaker greenback usually helps raise oil prices, which are denominated in dollars, as it makes oil less expensive for holders of other currencies.

Gold prices are up from Monday's latest record close, up $4.60 to $1,616.80 USD per ounce.

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