Winnipeg Free Press - PRINT EDITION
Fewer bargains as loonie dives
TORONTO -- With the Canadian dollar expected to continue its downward spiral well into the summer, Canadians may find themselves out of luck went it comes to bargain-hunting south of the border.
"Things are necessarily going to be more expensive," said Nick Bontis, an associate professor at the DeGroote School of Business at McMaster University.
"The timing is not the greatest either. Face it, we're entering into summer right now. The weather is getting better. People are willing to take road trips... (but) if you're just crossing the border because you want to buy clothes or a pair of shoes for your kid -- at the end of the day, it doesn't make any economic sense."
The loonie moved down 0.27 of a cent to 95.37 cents US on Monday, after having hit 94.75 cents US at one point, its lowest level since early October 2011. The currency had tumbled 2.7 cents against the U.S. dollar last week as the yields on 10-year U.S. Treasuries began rising toward two-year highs.
The falling Canadian dollar has largely been attributed to the U.S. greenback, which has found strength following an announcement last week from the U.S. Federal Reserve confirming the end is near for its $85-billion-a-month bond purchases.
-- The Canadian Press
Republished from the Winnipeg Free Press print edition June 25, 2013 A3
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