Loonie at All Time High vs. Dollar
November 1st, 2007Ay?
Via: Globe and Mail:
The seemingly unstoppable Canadian dollar surged to its highest level yet Wednesday, topping 106.17 cents (U.S.).
The record came just after 4 p.m., when official trading ended for the day. Officially, the dollar closed at 105.85 cents, up nearly a cent from Tuesday’s close, but trading continues virtually around the clock.
By cracking through 106 cents, the dollar topped what most observers believe to be the old record of 106.14 cents set on Aug. 20, 1957.
Technically, the dollar was worth as much as $2.78 in the late 1800s, but that’s largely because during Canada’s early history the value of the currency was either pegged to the price of gold or regulated by the government. It wasn’t until 1950 that the dollar began trading freely on global markets, according to the History of the Canadian Dollar, written by James Powell. The Bank of Canada recognizes the 1957 mark as the official record.
