Canadian dollar keeps burning down, reaches 2004 levels as of Monday morning - Polidicks

[url]http://www.cbc.ca/news/business/loonie-oil-opec-1.3353665[/url] [quote=CBC]The Canadian dollar today dropped to its lowest level compared to the U.S. dollar since June 2004, as a fresh low for oil pushed the loonie deeper under water. The loonie was changing hands at 74.28 cents US on Monday morning — the lowest level since June 24, 2004, when the Canadian dollar closed at 74.35 cents. The reason for the weakness was a new round of bad news for oil — its oil tends to drag Canada's currency up or down with a closer correlation than any other single factor. Oil lost another $1.11 US early Monday, with a barrel of WTI trading at $38.86, near its lowest level of the year.[/quote]

OPECs fault eh? Makes sense. Its always their fault.

Awesome. I'll be able to buy cheap things from Canadian. If they sold anything that interested me.

Is it dropping or is the USD rising?

Fracking has been driving oil prices more than OPEC recently.

oh fuck we're gonna be poor

[QUOTE=Intoxicated Spy;49265099]Is it dropping or is the USD rising?[/QUOTE] Both. CAD has been falling since 2011 basically while the USD has been rising [editline]7th December 2015[/editline] I really want to buy some hockey gear from Canada, but I'm afraid that shipping and customs would eat any of the "deals" I would find

[QUOTE=1legmidget;49265511]Fracking has been driving oil prices more than OPEC recently.[/QUOTE] Pretty sure fracking is why oil dropped about half its price per gallon here in the states.

I'm glad I have two american 20's right now :v:

Meanwhile for those of us who use eBay; our dollar is currently valued at about 0.70 USD. What a surprise!

[QUOTE=Cakebatyr;49267155]Meanwhile for those of us who use eBay; our dollar is currently valued at about 70 USD. What a surprise![/QUOTE] Do you mean 0.70 USD or 70.00 USD?

[QUOTE=valkery;49267175]Do you mean 0.70 USD or 70.00 USD?[/QUOTE] I do love my phone's autocorrect sometimes. 0.70 USD to 1 CAD.

[QUOTE=1legmidget;49265511]Fracking has been driving oil prices more than OPEC recently.[/QUOTE] Not really. OPEC tried to push most frackers under by crashing the oil price their natural gas is pegged to but underestimated the frackers profit margins.

[QUOTE=Passing;49265076]Awesome. I'll be able to buy cheap things from Canadian. If they sold anything that interested me.[/QUOTE] So you don't like maple syrup? :toadleave:

$80 vidya games pls no

$80 for a video game, and the prices for an Oculus Rift are going to murder my wallet even more so than normal. Not even considering what the cost of a new graphics card will be.

The loonie? and I thought Quid was an odd term when I was young :v:

[QUOTE=Thomo_UK;49267686]The loonie? and I thought Quid was an odd term when I was young :v:[/QUOTE] Romanians trade in lions so there's that.

90$ games soon boys

Games went from 60 to 80 dollars in less than a year. And it's only gonna get worse.

This fuckin sucks. Just feels like I'm arbitrarily paying more for things I'm already to poor to really afford.

everyone is devaluing their currency to the dollar these days, europe, china, austrailia, canada [editline]7th December 2015[/editline] [quote] It's believed that the cartel was willing to see oil prices crater in an attempt to drive U.S. shale producers out of business, because the latter have much higher production costs and can't stay profitable for long in a cheap oil environment. But the U.S. shale industry has proved far more resilient than first thought, as American oil companies so far haven't balked or moved to cut their own production significantly.[/quote] technology vs oligopoly who's gonna win?

[QUOTE=Sableye;49267891]everyone is devaluing their currency to the dollar these days, europe, china, austrailia, canada [editline]7th December 2015[/editline] technology vs oligopoly who's gonna win?[/QUOTE] I honestly think tech should win, OPEC needs to be taken off of their throne for once

The US oil industry is the primary cause of the CAD collapse. If Canada is banking on OPEC fucking shit up with their oil then they have lost already. Canada should be marketing their oil based on what is best for Canada, not OPEC (of which they are not a member of). Diversify and save your damn currency.

Harper spends his entire reign building up oil and putting all our chickens in one basket. Liberals come around and start checking all the other baskets while the eggs spoil. Nobody gets eggs.

Wow, I thought the US dollar was dropping seems I was wrong

[QUOTE=1legmidget;49265511]Fracking has been driving oil prices more than OPEC recently.[/QUOTE] Honestly it's kind of been both, with the insistence of Saudi Arabia keeping it's market share and with US Fracking driving down the prices. I personally thing Saudi Arabia is trying to destroy US fracking by simply making the prices so fucking low oil companies will suffer.

[QUOTE=mcgrath618;49268805]Wow, I thought the US dollar was dropping seems I was wrong[/QUOTE] They're both in decline, Canada's dollar is just in more drastic decline. Canada's dollar value dropping does not mean that the US Dollar's value is improving.

[QUOTE=The Party Spy;49267866]Games went from 60 to 80 dollars in less than a year. And it's only gonna get worse.[/QUOTE] [QUOTE=Heigou;49267818]90$ games soon boys[/QUOTE] [QUOTE=Daemon White;49267652]$80 for a video game, and the prices for an Oculus Rift are going to murder my wallet even more so than normal. Not even considering what the cost of a new graphics card will be.[/QUOTE] [QUOTE=HybridTheroy;49267612]$80 vidya games pls no[/QUOTE] facepunch: where economics is measured in video game prices

[QUOTE=Articsledder;49269072]facepunch: where economics is measured in video game prices[/QUOTE] Well this is a video game forum. And paying $80 cdn for a $60 usd game when they used to cost $60 cdn while the quality of the games seems to be going down isn't really that enticing.