Word: dollar
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Some claim the Canadian dollar rose against the greenback because the U.S. dollar has been dragged down by government budget deficits, a long and costly war, and a yawning gap between the value of imports and exports. True enough. But the link between the loonie and the worldwide boom in commodities had even more to do with it. If you graph the value of the Canadian dollar with the prices of oil, natural gas, certain metals and grain, "it's pretty hard to tell which is which, down to every little squiggle," says TD Bank Financial Group chief economist...
...common loon, a black and white water bird with a tapered bill and a haunting call, became a symbol of Canada's money in 1987: the year Canada minted its first one-dollar coins with the now-iconic bird on one face. It is a fitting national emblem. The loon is found across much of the country, and moves impressively both in air and under water. Its aquatic skills in particular are so good that outside North America, the bird is known as the great northern diver...
Canada's currency did dive after the dollar coin was introduced - all through the 1990s and into the early part of this century. January 2002 was the bottom. At it's all-time low then, the Canadian dollar was worth just less than 62 U.S. cents. Recovery since then, dramatic and steady, began with something as dull as a rise in oil prices. With that, the laborious process of drawing viscous bitumen out of Alberta's oil sands became ever more viable. Massive shovels churned the earth, digging up the tons of sand needed to produce each barrel...
...year in change And so with glowing hearts, Canadians saw their dollar rise - few failing to appreciate that, in some way or another, the Canadian economy was smoking its U.S. counterpart. Growth in Western Canada had been blistering for years. Construction boomed. Across the country, employment rose. Toronto Blue Jays CEO Paul Godfrey told a U.S. radio station in October that each one-cent increase in the loonie was saving him $600,000 a year in U.S.-dollar player salaries...
...ghost town," he says. "The whole economy is down: hotels, restaurants, everything." The waterfront DaimlerChrysler Canada headquarters opened to much fanfare there in 2002, when the city's auto-manufacturing industry was red-hot. Today, the building's cavernous ground-floor retail space is almost empty. As the rising dollar made Canadian products more expensive around the world, Canada shed nearly 100,000 manufacturing jobs in 12 months. "We went from [being] the lowest-cost producer of vehicles around the world for GM, Ford and Chrysler to probably one of the highest," says Buzz Hargrove, president of the Canadian Auto...