Le dollar canadien affecté par l'état de l'économie
No authors mentioned
The subject of this article is the fall of the Canadian dollar on January 31. On that day, the loonie fell by 1.32 cents, which is a very big change for only one day. This value decrease is due to the fall in the Canadian economy this month. According to Avery Shenfeld, an economist of the CIBC bank, the fall of the loonie is surprising because the economy almost met its monthly expectations. However, Shenfeld mentions that "he believes the decrease has mainly occurred in order to correct the value of the Canadian dollar which had increased a lot, maybe too much in the last weeks".
Personally, I agree with Mr Shenfeld because I think he is a reliable source. The loonie probably dropped a lot on January 31 because it was a little bit too high than it was supposed to be. Moreover, Avery Shenfeld is one of the principal economists of the CIBC Bank, so he is very informed about what is going on and I trust him.
One thing that was not mentioned in the article was the effect of this decrease has on the tourism. In Quebec, where the french people of Canada mostly live, there are a lot of ski resorts. I believe that the increasing value of the loonie is not very beneficial for tourism, because Americans have less Canadian money than they would with a lower Canadian dollar. Therefore, it makes trips for Americans to Canada much more expensive. So, this drop was a positive effect on tourism because more people from the USA will go to Quebec. For people in the French province, the value of the loonie does not change anything regarding tourism because the ski resorts do not change their prices according to the value of the exchange rates.
More to follow, thanks for reading.
No comments:
Post a Comment