CANADA: Dollar (Almost) for Dollar

Over the past eight years, U.S. tourists in Canada have had to grow accustomed to the irritating fact that their dollar has been worth as little as 95¢ in Canadian currency. Last week the value of the U.S. dollar skipped up to its highest point in two years: 98.6¢ in Canadian funds. The narrowing gap between the two dollars reflected a drop in the volume of U.S. investment money entering Canada, which creates a demand for Canadian currency and raises its price in U.S. money. Some bankers were predicting that the two dollars would reach parity this summer.

Ironically, parity...

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