The Canadian dollar has been declining against the U.S. dollar for the last several months. The depreciation of the Canadian dollar has corresponded with the fall in oil price. Overall, the depreciating Canadian dollar would have different effects on various sectors of the economy.
Canadian exports rose by 1.0 per cent in October led by a stunning increase in agricultural exports. The combination of this year's bumper harvest with high global food prices was expected to yield significant gains, but many analysts were surprised by the extent of the rise in international sales.
For snowbirds looking to make their annual sojourn to southern U.S. climates, this recent weakness in the canuck buck couldn't have come at a worse time. My advice for those who are going to be looking to convert Loonies for greenbacks is to stagger those purchases over the next few months.