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Scott December 10 1999 Economics 335 Section 01 Final Paper The Depreciation of the Canadian Dollar Canada has been increasing its prestige as a high-tech industrial society since the end of World War II In many ways it resembles very closely its southern North American cousin the United States Some of those similarities are residing in its market-orientated system pattern of production and its high standard of living Most years following the war up to the present Canada has experienced some kind of continued growth as a prosperous and developed country However during the year of 1998 Canada experienced an unexpected large depreciation in their dollar relative to the United States Late in August of that year in fact the value reached an all-time low During this paper I will try to present some of the possible economic factors that may or may not have led to this change in Canadas exchange rate I will also examine some additional analysis and theories as to why the trend possibly occurred Exchange Rate As the year 1998 approached the trend for the Canadian dollar was on a steady decrease in value in relation to the US dollar With each passing year the dollar lost some value as the table below demonstrates Year19901995199619971998 Exchange Rate116138136138148 All data tables extrapolated from the Cambridge Forecasts Country Report unless otherwise noted It took an exceptional hit during the year moving the rate from 138 US dollars to 148 in US dollars The plunge is better exhibited in Appendix 1 with the sharp decrease of the dollar illustrated graphically and more specifically with Appendix 2 showing the drop throughout the year of 1998 alone Growth Rate In terms of growth rate the years leading up to the exchange rate drop in 1998 showed very typical numbers There was nothing out of the ordinary or anything to hint at a sharp decrease in the value
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