68 Cents US

Winter 1999 CSANews Issue 34  |  Posted date : Mar 04, 2007.Back to list

Dear Bird Talk,
Ref: Fall 99, Issue 33, page 22.

Dave Hunter says the Canadian dollar is valued between 65 and 68 cents U.S. - that surely is the value we see on TV. It is not the amount one gets offered at our local banks. If he can get between 65 and 68 cents, please tell us where.

He also says that last year, it was 65.38 cents and this year it is 68.37, a difference of seven cents. How did he work that out? My math tells me that is incorrect.

D. Middleton
Waterford, ON


Response:
There is still some confusion on the exchange rates. Here are some actual numbers for November 23, 1999 from the Bank of Canada. $100 Canadian buys $68.41 U.S. $100 U.S. buys $146.18 CDN.

This is how Dave calculated his figures: In 1998, the rate was US65.38 cents. This means that it would have cost CDN$1.53 (100 divided by 65.38 to buy one U.S. dollar. The 1999 rate was US68.37 cents, meaning that the cost of one U.S. dollar was CDN$1.46 (100 divided by 68.37). The difference between $1.53 and 1.46 is seven cents.