The Canadian dollar’s slide has been a welcome sign for tourists, resulting in more money in their pockets.
“We bought something 36 dollars Canadian. When I checked my bank it showed 24 dollars American. So it’s a great exchange rate for us,” said one American tourist visiting Halifax
The dollar is suffering from lower oil and gold prices and the Bank of Canada’s interest rate cut last week. Though it has taken a major hit, financial professionals are saying not to panic.
“Globally, everyone is looking at Canada as still very fundamentally sound,” said Rick Nason, a professor of finance at Dalhousie University.
Nason says struggling European economies are looking to invest in Canada’s money. Also, if the dollar stays low, it could result in a stronger manufacturing sector, he says.
"Now we see that the dollar might be low for a period of time emboldens a lot of the manufacturers to become more aggressive in exporting their products ramping up manufacturing," he says.
Nason says the low dollar can add up to a promising financial future.
"It’s more important to look at the longer term than a day-to-day basis," he said.
Outside a Dollarama in Dartmouth, however, shoppers say they’re taking stock of just how much the sinking loonie is impacting their bottom line.
“It impacts us because we have a mission in Cuba and of course everything is done in American dollars,” said local shopper George Campbell. “So we lost a lot of money when we go or send money to Cuba to help our mission there.”
Campbell says he hopes things turn around quickly.
“We’re just hoping it’s going to turn around,” he said. “I know it’s great for imports or exports but not good for those travelling outside the country.”
With files from CTV Atlantic’s Marie Adsett
