Dollah dollah coin, y'all: Loonie hits record high
Perhaps a trip south is in order for us Canuckleheads: the Canadian dollar has hit its highest point in thirty years. Something interesting (though I suppose obvious) I learned from this article is that the CAN$ is considered to be a "petro-currency" because of the amount of crude oil we produce and export. Since crude is priced in US$, our dollar goes up in accordance with oil prices. Neato!
In earlier trading, it went as high as 96.94 cents US, eclipsing the previous 30-year high of 96.70 cents US set July 24. The dollar hadn't been that high since Feb. 21, 1977, according to Bank of Canada data.
Some analysts see the loonie reaching parity with the U.S. dollar by the end of this year. The last time the two currencies traded at par was in 1976. Currently, a U.S. dollar can be bought for a little less than $1.04 Canadian.
Interesting years for Canada, but the most interesting part was this--in the 70s, North America was facing an energy crisis similar to the one we're experiencing today. It's no coincidence that drilling in the Beaufort Sea started in '76--alternative oil sources to the Middle East were being sought (sound familiar?).
Then again, maybe it all has to do with Trudeau--after all, it was in 1977 that he did a pirouette behind the Queen on TV. That should count for something, should it not? Even a few cents?