Another new high for the loonie and why being lazy is a good thing
moneyrelations :: Nov.01.2007
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Another day, another new high for the loonie. The loonie reached a 50-year high in after-hours trading yesterday to hit 106.17 cents U.S.. What sparked this surge? It’s the same story – a strong domestic economy spurred by the international demands for our oil and minerals. Furthermore, global sentiment has lifted the loonie based on recent positive news of tax cuts and the continuous weakened state of the greenback in response to the U.S. federal funds rate dropping to 4.5%.
Following the news as closely as I do, I’m still amazed how things can change in a few short months. It was not so long ago that I thought I had missed my boat in converting my Canadian dollars to American in order to invest. The following CAD to USD exchange rate graph succinctly describes my narcoleptic, roller-coaster emotions.
It just goes to show that in investing, being lazy can be a good strategy. Thankfully, I’m genetically gifted in this area.
In the news ::
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