Newsletter
Canadian Dollar Currency Exchange Rate Give Canadians Extra Buying Power Abroad
Date: 10/15/2009October 15, 2009 -- Riding the rising tide of oil prices, the Canadian dollar currency exchange rate gained against the U.S. dollar to its highest level since August 2008.
On October 14 the Canadian dollar, or "loonie", hit $1.028 to the U.S. greenback, and further rises in oil above $75 per barrel and a slumping greenback may mean parity is just around the corner.
It also means that Canadians are getting more value for their money in places like Mexico, Panama, Ecuador, and other Latin American retirement and vacation havens.
Panama and Ecuador both use the U.S. dollar as their national currency, and as the loonie gains on the greenback Canadians are watching their buying power soar. The Mexican Peso is not pegged to the dollar, but fluctuations in its value closely follow the greenback. An exchange rate above 13 pesos to the U.S. dollar gives Canadians more buying power in Mexico than they've seen in years.