Productions can no longer afford to leave Hollywood to shoot, thanks to the imploding dollar — and yet, Hollywood itself is shut down!:
Loonie passes $1.07 U.S.
The Canadian dollar traded at 106.84 cents U.S. this morning after touching a record 107.17 cents U.S. on strong employment data and a rise in oil prices. The American dollar resumed its weakness against most major currencies.
Friday’s jump came after Statistics Canada reported the national unemployment rate fell to a new 33-year low of 5.8 per cent in October, compared with 5.9 per cent in September.
The loonie initially gained 2.05 cents over Thursday’s close of 105.12 cents U.S. after the solid Canadian employment numbers were followed by a report that American unemployment held steady at 4.7 per cent.
The loonie had slipped 0.73 cent Thursday, but “yesterday’s relatively broad bounce in the U.S. dollar has proven short-lived,” a Scotia Economic commentary observed.
“The currency is lower against all of its G10 peers, with the Canadian dollar and Australian dollar leading the move higher and the yen underperforming.”
In addition to the “surprisingly strong Canadian employment report,” the loonie benefited from an increase in oil prices, which were up 92 cents at US$94.41 per barrel, the bank observed.
The loonie’s new highs followed Wednesday’s move above its long-standing record of 106.14 cents set on Aug. 21, 1957