> nearly everything (minus housing) in Canada is pegged to the US dollar
This is another persistent myth I wish would die. For example, between 1998 and 2018 (a recent 20 year period for which data is readily available), USD/CAD exchange rate has been as favourable as 0.989 CAD per USD and as unfavourable as 1.570 CAD per USD [1], approximately a 59% difference between the highest and the lowest.
During the same period, purchasing power parity has only fluctuated between 1.185 and 1.248 CAD per USD [2], only a 5% difference between the highest and the lowest.
Contrary to the popular online belief, Canadian currency is not a proxy that is only good for exchanging for USD to buy good and services. It is an independent and strong currency on its own.
This is another persistent myth I wish would die. For example, between 1998 and 2018 (a recent 20 year period for which data is readily available), USD/CAD exchange rate has been as favourable as 0.989 CAD per USD and as unfavourable as 1.570 CAD per USD [1], approximately a 59% difference between the highest and the lowest.
During the same period, purchasing power parity has only fluctuated between 1.185 and 1.248 CAD per USD [2], only a 5% difference between the highest and the lowest.
Contrary to the popular online belief, Canadian currency is not a proxy that is only good for exchanging for USD to buy good and services. It is an independent and strong currency on its own.
[1] https://data.oecd.org/conversion/exchange-rates.htm
[2] https://data.oecd.org/conversion/purchasing-power-parities-p...