Windsorites concerned about the loonie

By Nate Hinckley

The Canadian dollar is continuing to drop and Windsorites are becoming worried.

 

Banks and travel businesses are feeling the strain of the dropping value of the Canadian dollar. The dollar fluctuating up and down since 2011 has affected how Canadians choose to spend their money. Roughly three-quarters of Canadians live within 160 kilometers of the Canada-U.S. border. Many use their nearby access to the United States as a shopping option. This is especially true for those living along the border when it comes to shopping for goods that are traditionally cheaper in the United States, such as gasoline and groceries.

Local banks feel the ups and downs on a daily basis but according to Preete Sharma, a local financial planner for the Bank of Montreal, it is not always a bad thing.

“There are good things that can come from our dollar being low and there are good things that come from our dollar being high,” said Sharma. “It has many advantages in our markets.”

The current state of the dollar affects many different industries such as the tourism industry.

“As someone who’s more than familiar with tourist destinations and the airline ticket prices, I get worried about the actual cost of everything all together,” said Valentina Polojac, a travel and tourism student. “Nothing feels like it’s worth the amount of money and that makes it hard for me to let go.”

The currency exchange rate is currently $1 Canadian to $0.7515 U.S.

Canada’s dollar is on a rollercoaster ride with no sign of stopping anytime soon.