QUOTED FROM THE CANADIAN PRESS

THE CANADIAN PRESS

TORONTO – The soaring Canadian dollar closed above US$1.05 on Wednesday for the first time in decades and appears headed for uncharted waters as a combination of factors pushes it further and further ahead of the American currency.

The Canadian dollar ended the official trading day in Toronto at 105.85 cents US. That’s the highest closing price for the loonie since Aug. 21,

1957 and just short of a modern-era high of 106.14 cents US.

The remarkable strength of Canada’s currency over the past few months can be traced to a number of factors, including the country’s strong domestic economy and demand for Canadian-produced resources such as crude oil and metals.

The American dollar fell to a new low against the euro in North American trading on Wednesday after the Federal Reserve lowered a key interest rate by a quarter point to 4.5 per cent.

This bodes well for Canadian’s purchasing resort properties and Maui being one of their favorite US destinations.