the Wealthy Canadian

A few days ago the Financial Blogger opined that the Loonie was gaining significant strength and will continue to due to a great Canadian economy.  I commented that, while our economy appears to be going great, I wasn’t sure that our Loonie was really doing that well.  I figured it was mostly the American Greenback that has been weakening and the CAD was just going for the ride.  Well, it is time for me to publicly eat crow.

I  grabbed some exchange rate data (courtesy of the Bank of Canada) and plotted three exchange rates (CAD/EUR, CAD/USD, EUR/USD) since January.  That graph is below along with the percent change in values using January 2 as the base.  As you can see, while both the Loonie and the Euro have advanced on the Greenback, the Canadian buck also gained considerable strength against the Euro.

In my defence, I generally only glance at the base currency pairs.  A result I only noticed how poorly the USD was performing globally.  But it would appear the CAD is doing very well (at least against the EUR and USD).