The Canadian Dollar

Ramvie Santiago

Business

23 January 2008

Effects of the Rising of Canadian Dollar to the People of Canada

The Canada has at least 30 million people who speak English and French Canadian dollar is the currency of Canada and abbreviated with a dollar sign or C . They have numerous retailers or businesses , local and international (standardandpoors

In an abundant country like Canada , most people can buy not only their needs , but also their wants . They can go to other places or town for leisure and for fun or they can

even go to other countries for a vacation . I believed that their budget fits everything they desire . For retailers , they are pretty sure that products or services offered are more likely to profit

Their import products or goods are mostly machinery and equipment , motor vehicles , motor parts , crude oils , chemicals , electricity and different goods . Their export products are mostly motor vehicles , plastics fertilizers , wood pulp , timber , crude petroleum , natural gas electricity and aluminum (Go Currency

Since Canadian dollar has been gaining strength over the last six months , the prices of all products and services within the Canada area have risen also . The cost of import products goes higher than before because the exchange rate against the foreign currency increases

The business people are encouraged to higher their price to meet their needs and maintain their businesses . The consuming public is adjusting their budget to meet also the standard of living . Both the retailers and the consumers are affected in the continuous rise of the Canadian dollar

According to the Canada 's Labour Force Survey , unemployment rate is bigger than the last year and lost almost 19 ,000 jobs last month Significantly , they say that the soaring of loonie may have been the big percentage of unemployment rate in the last few months (CTV

People who are affected more are those who lost their jobs . When a manufacturing firm declared its losses , automatically many will lost their jobs . The effect of this loss is certainly more on the rising up of Canadian dollar (CBC News

Canada 's entrepreneurs or business people 's problems are the product distribution from distant land , the language of promoting the product because Canada has two languages and high tax rates . Even though , they are experiencing these problems , they are coping up with the high level of its industry . It seems that the Canada will recover fast (Go Currency

If the Canadian dollar will continue to rise , some businesses will close and more people will lost their jobs . The consumers would less likely tight on their budget and reduce some expenses . Retailers will experience low profit or even break even . They might as well close their stores

Some establishments will be closed and some will continue because the public will lessen their spending habits . Most of the stores like restaurants , department stores , bars , theaters and more which are not mostly needed by the consumers may be closed due to competitions between other business owners . Because there are...