Oh Oh

[MalahatTwo7]

Canadian dollar hits another high

Reuters. Published: Friday, October 26, 2007

TORONTO -- The Canadian dollar hit a fresh 33-year high versus the U.S. currency on Friday as a decision to boost oil royalties in Alberta did not steer attention from record high oil prices.

Domestic bond prices, with no major economic data to consider, moved higher following recent selloffs that came after strong economic data.

At 8:35 a.m., the Canadian currency was at US$1.0400, making a U.S. dollar worth 96.20 Canadian cents, up from Thursday's close of US$1.0353, or 96.59 Canadian cents.

During the overnight session the Canadian dollar rose to US$1.0416, making a U.S. dollar worth 95.90 Canadian cents, due largely to oil prices hitting a fresh record high above $92 a barrel.

The surge in the Canadian currency, which has consistently been hitting fresh multi-decade highs since it broke through parity with the greenback last month, marked its highest level since May 1974.

It also followed a decision late on Thursday by the Alberta government to boost oil royalties, meaning the province's take from the oil and gas industry will increase by C$1.4 billion or 20 percent above projected 2010 revenues.

"There didn't seem to be much of an impact from the royalty decision and it didn't seem to cause any sort of fundamental rethink on the outlook for the Canadian dollar," said David Watt, senior currency strategist at RBC Capital Markets.

"So it was quite surprising to see the resilience of the strength overnight, but given what happened with oil prices it doesn't come as a shock."

Watt said there was potential for the Alberta decision to weigh on the Canadian dollar given the potential impact it could have on future oil sands production.

But with no major economic data due out in Canada or the United States on Friday, there is a chance the Canadian dollar slips further from the high it reached overnight.

"We've seen this quite often that a big move in the overnight session tends to get unwound to an extent in the North American session," said Watt. "But if we get oil going back to $92 we could certainly see the Canadian dollar staying quite resilient at these levels."

BONDS BOUNCE BACK

With no key economic data to influence a move, Canadian bond prices reclaimed some recent losses ahead of next week's U.S. Federal Reserve decision on interest rates.

The market has fully priced in a 25 basis point cut to the U.S. Federal Reserve's federal funds rate to 4.50 percent next week, which would put U.S. interest rates on par with Canadian rates for the first time since February 2005.

A survey released by Statistics Canada showed Canadian manufacturers' optimism about output and demand for their goods dimmed in the fourth quarter. The firms cited more production difficulties due to the rapid rise of the Canadian dollar and skilled labor shortages.

Wednesday's CORRA rate, the weighted average on Canadian repurchases, fell to 4.5034 percent, from 4.5128 percent on Tuesday. The Bank of Canada publishes the rate at around 9 a.m. daily.

© Reuters 2007

"We've come to take you away ahah aho hee hee."

[mvfd27]

Not bad for our National Park to the North.

[mcaldwell]

With my newfound wealth, I'm gonna buy Montana.

[MalahatTwo7]

More snowbirds expected to fly south this winter

CanWest News Service Published: Wednesday, October 31, 2007

Canadian snowbirds, armed with their high-flying loonies, will flock to the U.S. in record numbers this winter, the B.C. Automobile Association predicted yesterday.

BCAA said sun-seeking Canadian seniors will stay longer and spend more on goods and services in sunbelt states than ever before. They typically spend between one and six months in the U.S. to avoid harsh Canadian winters.

The number of snowbird trips to the U.S. rose by 60 per cent between 2000 and 2006 to 694,000.

That figure is expected to be surpassed this year.

© Times Colonist (Victoria) 2007

[BFDNJFF]

More snowbirds expected to fly south this winter

CanWest News Service Published: Wednesday, October 31, 2007

Canadian snowbirds, armed with their high-flying loonies, will flock to the U.S. in record numbers this winter, the B.C. Automobile Association predicted yesterday.

BCAA said sun-seeking Canadian seniors will stay longer and spend more on goods and services in sunbelt states than ever before. They typically spend between one and six months in the U.S. to avoid harsh Canadian winters.

The number of snowbird trips to the U.S. rose by 60 per cent between 2000 and 2006 to 694,000.

That figure is expected to be surpassed this year.

© Times Colonist (Victoria) 2007

Oh great ! I am expecting the traffic down here in Florida to get crazy !!

[MalahatTwo7]

Oh great ! I am expecting the traffic down here in Florida to get crazy !!

WHAT? You mean it isn't already? LOL
=====

Ok something made me look up what a "snowbird" really is, and wikpedia had this to say about it:

The term Snowbird is used to describe Canadians and people from the Pacific Northwest, Northeast or Midwestern United States who spend a large portion of winter in warmer locales such as Arizona, Florida, or elsewhere along the Sunbelt region of the southern United States, areas of the Caribbean, and even as far away as Australia and New Zealand. It is also used for those who migrate to Victoria, British Columbia, Canada for the winter. Victoria is known for having very mild winters by Canadian standards, and has an annual "blossom count" in mid-February to prove its warm winter status. Residents of northern Europe also flock to the warmer areas in the United States, establishing second communities of seasonal residents.

Snowbirds are typically retirees, and business owners who can afford to be away from home for long periods of time or have a second home in a warmer location. Some snowbirds carry their homes with them, as campers (mounted on bus or truck frames) or as boats following the east coast Intracoastal waterway. It used to be that snowbirds were the wealthy who maintained several seasonal residences and shifted residence with the seasons to avail themselves of the best time to be at each location.

Many of these "Snowbirds" also use their vacation time to declare permanent residency in low, or no tax states (where the taxes are sustained by high tourism taxes), and claim lower non-resident income taxes in their home states. Some are reputed to use this dual-residency to absentee vote in both locales.

So its not just us "rich" Canucks heheheehehehe

[DennisTheMenace]

So how does the Embassy pay you?

[MalahatTwo7]

So how does the Embassy pay you?

Canadian dollars, paid at the current exchage rate, deposited to my local US bank account, in US funds. So for this week at least, I am being paid what I am "worth"????? heheheeheehehe

"Another day another dollar" {for real at the moment} instead of "Another day another 45 cents." hehehee

[RoughRider]

The fed cut fed funds by another 1/4 point this afternoon. The dollar is currently off again vs. the Euro and Canadian dollar. The stock market has reacted well to the news as money just got cheaper. Every time I go outside (I work just south of Wall Street on Broadway) to grab a sandwich these days I can hear five different languages. Canadians and Europeans are visiting in huge numbers. They tell me more for the shopping than the sites!! You Canucks can buy Prada & Gucci at half price!!! Come on down and bring you $$ as Wall Streets tax dollars are not going to be carrying the City this year.(Bloomberg has asked all city agencies to freeze hiring and cut budgets) Perhaps the Brothers up North can help subsidize the difference through our heavy Sales Tax..... Come on down!

[firecat1]

More snowbirds expected to fly south this winter

CanWest News Service Published: Wednesday, October 31, 2007

Canadian snowbirds, armed with their high-flying loonies, will flock to the U.S. in record numbers this winter, the B.C. Automobile Association predicted yesterday.

BCAA said sun-seeking Canadian seniors will stay longer and spend more on goods and services in sunbelt states than ever before. They typically spend between one and six months in the U.S. to avoid harsh Canadian winters.

The number of snowbird trips to the U.S. rose by 60 per cent between 2000 and 2006 to 694,000.

That figure is expected to be surpassed this year.

© Times Colonist (Victoria) 2007

Hey great...flying Canucks...more bucks!!!

[RspctFrmCalgary]

So why the hell did gas just go up 5 cents yesterday???

Over-the-border internet shopping for Christmas is also seeing record numbers, with delivery delays already reported.

[GodSendRain]

Man, I used to get annoyed when I found those little octagon shaped pennies that somehow made their way into my Georgia cupholders. Now I have to re-evaluate that frustration. I could return the favor, when you Canucks start finding Abe Lincoln in your coin trays, you'll know who to blame. *evil laughter* Buahaha.

Edit: Gas went up here too. Just to be clear, that wasn't my fault.

[MalahatTwo7]

So why the hell did gas just go up 5 cents yesterday???

Over-the-border internet shopping for Christmas is also seeing record numbers, with delivery delays already reported.

Because apparently it went up $5.00/barrel last night.

As for Mr Lincoln, he seemed to find his way into my coin bin a lot when I was still in Victoria, before moving to NOVA.
========

DDEETTT DAAAADDEEEEEEETTT DDAAAA DDDEEEETT.. This just in from Money Exchange Central in Ottawa:

"Effective 1 November 2007 and until further notice, the current Canadian to US Dollar exchange rate is now 0.95000. This is down from 15 October when it reached 0.97000."