Loonie’s recent slide may be good for exporters, bad for travellers

John Brannen
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Despite hovering around parity with the American dollar the past five years, the Canadian dollar has taken a slide in the past few weeks, bottoming out so far at 91 cents on Monday.

For snowbirds who choose to go south for the winter, a weaker loonie can rule out travel plans. So far, potential travellers haven’t stopped booking their trips yet.

“I don’t know that we’ve seen much difference,” said Blair Jerrett, senior director of marketing with Maritime Travel. “These have been good years for folks travelling in the region and we haven’t seen any difference to our travel yet.”

At a recent expo in Halifax, Jerrett said 3,000 people came through the door interested in booking. But it could be the chance of higher process that’s driving people to book now.

“If it continues to fall, then I recommend people book sooner than later since there’s rumour of that happening. Certain tour operators have said prices will go up.”

He noted that if one has purchased a vacation package or flights, prices wouldn’t change even if the currencies change.

While travellers may experience a pinch when exchanging their money, a long-term drop in the loonie would benefit exporters.

Ron Heighton, Northumberland Fisherman's Association noted that a low dollar could be good for the industry.

“Any time it goes quite low, and we’re not there yet, it might be beneficial,” said Heighton. “It depends if the buyers and processors will pass the savings and benefits on to us.”

He also noted that it can be bad for the items fishermen import from the U.S., especially wire for metal lobster traps.

 

john.brannen@ngnews.ca

On Twitter: @NGNewsJohn 

Organizations: Maritime Travel

Geographic location: Halifax, Northumberland Fisherman, U.S.

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