Great! Just great. We're still screwed. So much for the Petro-Dollar
It's a relationship that Canadians had gotten used to.
For years, when the price of oil went up, so did the value of the Canadian dollar. That led to a soaring loonie when oil prices were flying high, but double-takes while travelling in the U.S. once the wind came out of oil's sails and the Canadian dollar was lower.
But a funny thing has happened of late, as the symbiotic relationship between the two has weakened. Or, as Bank of Montreal economist Doug Porter put it, "The Canadian dollar continues to diverge from its old dance partner."
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I think we could learn something from places like Iceland, & Scandinavia, etc.
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