Discuss Detroit Archives - Beginning January 2006 Whoa! - Canadian Dollar Cracks 90 U.S. Cents! Previous Next
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Lilpup
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Username: Lilpup

Post Number: 990
Registered: 06-2004
Posted From: 64.12.116.204
Posted on Wednesday, May 03, 2006 - 3:39 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Many analysts are predicting the loonie could soon hit 95 cents or even be on par with the U.S. dollar

I just knew all that change in the ashtray would pay off...
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Goat
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Username: Goat

Post Number: 8391
Registered: 10-2003
Posted From: 67.71.56.144
Posted on Wednesday, May 03, 2006 - 9:27 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Many economists are saying that it will be par in 2007. Thanks to rising energy costs of course. The problem for a border city like us is that tourism will take a hard hit as people will flock to purchase goods in the USA. Thus hurting retail stores. Add in the hit to manufacturing, which does not have the leverage nor the savings for investing in Canada and you have a triple whammy!
I believe that the dollar in the .70-.75 cent range is best for Canada.
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Erikto
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Username: Erikto

Post Number: 354
Registered: 11-2003
Posted From: 64.228.108.111
Posted on Wednesday, May 03, 2006 - 9:56 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

It's certainly a double edged sword. I saw people on the news who were thrilled and couldn't wait to make a bee-line for some Buffalo outlet mall, but the lower Canadian dollar really helped encourage American investment here in decent paying areas like t.v. and film production. Maybe they'll still save enough on not having to but health insurance for Canadian staff, like the car companies, although there is talk of Ford shutting down some 900 jobs worth or production in the next year or so.
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Blitz
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Username: Blitz

Post Number: 144
Registered: 09-2004
Posted From: 72.139.243.118
Posted on Wednesday, May 03, 2006 - 12:59 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

This is yet another punch in the face for Windsor. It's amazing this city is still standing.
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Iheartthed
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Username: Iheartthed

Post Number: 50
Registered: 04-2006
Posted From: 141.213.66.220
Posted on Wednesday, May 03, 2006 - 1:24 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

I guess I need to go add to my stockpile of Canadian money...
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Bibs
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Username: Bibs

Post Number: 488
Registered: 10-2003
Posted From: 198.208.159.18
Posted on Wednesday, May 03, 2006 - 2:54 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

If you take into account the 18% sale tax in Ontario versus 6%, the Canadian dollar is almost equal. Plus the selection of merchandise in the Detroit Metro area is huge compared to Windsor. I see more and more Ontario plates at the time.
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Gistok
Member
Username: Gistok

Post Number: 2043
Registered: 08-2004
Posted From: 4.229.147.55
Posted on Wednesday, May 03, 2006 - 4:09 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Well I bet Casino Windsor is not a happy camper. Whenever I ask folks why the go to Casino Windsor instead of the Detroit Casino's, they almost universally say that their USA dollars goes farther in Windsor.

Hmm.... wonder what their new excuse will be?
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Upinottawa
Member
Username: Upinottawa

Post Number: 342
Registered: 09-2005
Posted From: 198.103.184.76
Posted on Wednesday, May 03, 2006 - 4:23 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Casino Windsor still holds the right to manipulate the exchange rate in favour of the US Dollar if it so chooses. This would help the Casino retain US business.

Gistok, are you refering to those Americans who take advantage of Canadian income tax law that does not require the inclusion (or reporting) of gambling winnings as income, and therefore effectively avoid reporting their Canadian winnings to the IRS? Americans would never do that....
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Gistok
Member
Username: Gistok

Post Number: 2045
Registered: 08-2004
Posted From: 4.229.147.55
Posted on Wednesday, May 03, 2006 - 4:30 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Upinottawa.... of course they would never do that!! :-)

If Casino Windsor does manipulate the rate, I could see abuses. What better way to subsidize a Canadian vacation, than by going to Casino Windsor and getting a 20% discount (in Casino Chips) on your US dollars, and then converting the chips to Canadian dollars..... voila! A highly discounted currency exchange....
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Goat
Member
Username: Goat

Post Number: 8401
Registered: 10-2003
Posted From: 67.71.56.144
Posted on Wednesday, May 03, 2006 - 5:42 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Bibs, the sales tax is 15% soon to be 14%. :-)

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