The most recent CAD/USD fluctuations are important for cross-border workers and the two-thirds of the Canadian population living within 100 kilometers (62 miles) of the Canada/U.S. border, says CanAm Currency Exchange, the Windsor, Ontario-based exchange provider, in a new report.
"On the one hand, for those crossing into the U.S. in quest of everyday shopping bargains, it means their dollars won't go quite as far", says Michael Piccioni, CEO of CanAm Currency Exchange. "However, the weaker Canadian dollar is a boon to export-based industries since Canadian goods can take advantage of the weak loonie."
"When people become uncertain about the global economic outlook and interest rate dynamics, they look for safe harbors - and that’s what has happened this year as the Canadian dollar at one point dropped to a 2-year low against the greenback," added Mr. Piccioni.
The new report discusses the impact of the recent market dynamics on the CAD - and how that, in turn, might affect the demographics that need to exchange CAD to USD (and vice versa) most frequently, such as students and cross-border workers.
"The Canadian currency has suffered against the U.S. dollar this year, so people who need to exchange CAD to USD or vice versa need to pay attention to the recent trends," remarked Mr. Piccioni, adding “We listen and help to develop custom solutions for our clients so they can achieve their particular goals.”
With the latest report, CanAm Currency Exchange continues its drive to provide educational resources on a wide range of financial topics.
While the data included in the report has been reviewed by experienced financial specialists, CanAm Currency Exchange stated that it is meant for informational purposes only and does not constitute financial or investment advice.
Interested parties can learn more on the company, its resources, and its services at https://canamcurrencyexchange.com
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Organization: CanAm Currency Exchange
Address: 3234 Dougall Avenue, Windsor, ON N9E 1S6, Canada
Release ID: 89087295