Last year, I mentioned that the Canadian dollar was getting stronger and stronger, reaching heights it hadn’t seen since the 19th century, and that this was having an adverse effect on my income. It got to the point where every American dollar sent my way came to only 90 cents or so in Canadian currency.
But now things are getting back to, uh, normal, if such a word can be used in the current financial climate. The other day, I cashed a cheque and got $1.23 in Canadian funds for every American dollar. And today, according to the Globe and Mail, our dollar reached a four-year low, however briefly.
So, on the one hand, my income has gone up. But on the other hand, I will be making less purchases from American outlets, for now.
Meanwhile, Variety reports that the falling Canadian dollar is turning out to be good news for the Canadian film industry, because it means American filmmakers are more likely to spend their money here again.
Of course, if the dollar fell so quickly, there is no reason it couldn’t bounce back very quickly, too. And the Globe and Mail does say a “significant snap-back” is quite possible in the near future. So the good news the industry is hearing right now could turn bad again very suddenly. Hoo boy.