Strong loonie gives Cdn. Spring Breakers a boost
Right now, thousands of Canadians are on a beach and you’re not.
Want to make matters worse? Canuck vacationers, despite the big cash they’re dumping on jet ski rentals, Jeep island tours and snorkel shots, are actually being fiscally responsible.
Um, whuh?
Alright, they’re not being that responsible, but Canadians fraternizing in the U.S. – or any destination that accepts the greenback, which is everywhere – have gotten a nice boost by the surging loonie, which is helping them Spring Break without Spring Breaking the bank quite as much.
Closing Monday at 98.15 cents US, the Canadian dollar’s near-parity with its American counterpart has indeed come just in time for travellers, who haven’t seen their cash go this far abroad since two summers ago.
“For Canadians going down south for the break, obviously, the strong loonie is a bonus,” RBC Capital Markets’ Matthew Strauss told the Toronto Star.
“We have not seen these levels since July, 2008.”
We won’t know how many Canadians visited or how much was spent in the U.S. till later this spring, but the U.S. economy could be in for a nice boost if our spending ways continue.
According to the Star, 1.7 million Canucks took overnight trips to the States last March alone. In the first three months of 2009, by comparison, those same Canadians spent $3.5 billion inside the U.S.
And apart from the little jazzing up our Canadian spending will give the battered American system, our own stronger dollar gives the indication that – aside from its negative effects on exporters – Canada’s recovery is as firm as ever.
Seems like a win-win for now at least, right?
By Jason Buckland, MSN Money
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