Every U.S. traveler to Canada nowadays is soon made aware of one painful fact: to Canadians a U.S. dollar is no longer worth 100 cents. This week the exchange rate climbed a notch higher. Canada's dollar edged upward a fraction each day until it was selling in Wall Street for 103.4 U.S. cents, the highest price in more than a year.
Continued heavy U.S. investment in Canada, particularly in high-interest bonds and Alberta oil, was mainly responsible for the Canadian dollar's rise. The heavy demand for Canadian dollars in the U.S. made them scarcer and pushed up the price.
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