Reply #53: More blather

[TrogL]

http://www.cbc.ca/money/story/2007/09/13/dollar.html


Leaping loonie! Dollar hits 30-year high

The Canadian dollar traded near the 97-cent US level Thursday as it rode record oil prices and a weak U.S. greenback to levels not seen since the disco era.

The loonie was quoted at 96.88 cents US at 1:05 p.m. ET, up .36 cents from Wednesday's close.

In earlier trading, it went as high as 96.96 cents US, eclipsing the previous 30-year high of 96.70 cents US set July 24. The dollar hadn't been that high since Feb. 21, 1977, according to Bank of Canada data.

Yesterday's news. As you can see above, it's broken through 97.0.

http://www.cbc.ca/consumer/story/2007/09/13/scotiabank-housing.html

Housing boom will falter, bank says

The current housing boom is "unsustainable" because prices in 14 of 15 major Canadian markets are above their long-term trends, the Bank of Nova Scotia economics department said in a report Thursday.

With the exception of St. John’s, N.L., price levels have risen above the historic rate of increase over a nine-year boom, the longest since the end of the Second World War.

"There is growing evidence of overvaluation in home prices in some parts of the country," the report said, and "the further domestic home prices climb above underlying economic fundamentals, the greater the risk of an eventual correction."

I disagree, at least in the case of Edmonton, Calgary, Fort McMurray and other communities near the Oil Patch and the Port of Edmonton (see above). With Dubya's oil wars messing with the price of crude, and China messing with the US economy, there's no end in sight.