The Canadian Dollar Just Hit A New Low For 2018
Might want to postpone that trip to the U.S.
If you're planning on taking a trip to the U.S., or online shopping in USD from Canada, you might want to wait a couple of months as this week the Canadian Dollar just hit an 18-month low.
The sudden collapse on the dollar came earlier this week on Tuesday. It now costs $1.35 CAD to buy one USD. According to a report by The Globe & Mail, this is the weakest the Canadian Dollar has been since June 2017.
TL;DR Canadians' purchasing power just dropped to an 18-month low. It now costs $1.35 CAD to buy one USD. This is the weakest the Canadian Dollar has been since June 2017.
This is tough news going into 2019 for Canadians that frequently travel to the United States. Moreover, our weak dollar is also being crushed by the Euro. It currently costs 1.54 CAD to buy 1 Euro. Ouch!
Sadlly, this is something Canadians have absolutely zero control over. The only thing we are able to do is sit back and ride it out until the dollar rises in strength again, as it always does. And, of course, spend our money a little more wisely until our purchasing power is regained.
If Trump wasn't enough of a reason to avoid vacationing in the U.S., maybe this will be that kick Canadians need to start thinking outside the box when it comes to travel.