the CanadaVisa Team - 21 July, 2015
Time magazine, a renowned American publication named the loonie (the Canadian dollar) the Canadian Newsmaker of 2007. The magazine defines the Newsmaker as the person, group, place, or thing that has had the most impact on the news in Canada over the year. Canada's booming economy and soaring commodity prices for its abundant resources are chiefly responsible for the loonie's solid performance this year.
The Canadian dollar was a star performer among global currencies in 2007, at one point surging 25 per cent against the weakening American dollar. In September, the loonie reached parity with the U.S. dollar for the first time in 31 years, on its way to a modern-day high of $1.10 (U.S.) in November. It has since calmed slightly. Canadian currency strategists expect that it will end the year at $1.02 and then rise to $1.06 by the first quarter of 2008.
Economic growth has been shifting to the resource-rich regions of the West and Newfoundland with strong job growth across the country fuelling the economy. Time magazine said the dollar's rapid rise was a sign that "something big was happening in Canada."
