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October 30 – November 6, 2008 Edition
The falling value of Canadian currency against the US dollar is adding pressure to publishers and distributors there, who set their holiday book prices some 12 months ago, before the current economic crisis. Each Canadian dollar is worth only about seventy-eight cents in US dollars, down more than 20% from last year. The fall of the Canadian dollar has happened so fast, publishers are having difficulty adjusting for new titles due out this holiday season.
The dollar has not been this strong against Canadian currency since mid 2005. Only a year ago, Canada enjoyed the opposite effect, when the value of the dollar soared to $1.1024 against the Canadian dollar.
Canada’s dollar on Monday, October 28, fell to its lowest level since September 2004 while the U. S. dollar strengthened against most of the world’s major currencies. The Canadian dollar is headed for its worst monthly fall since at least 1950, depreciating 17 per cent since Sept. 30, as stocks and commodity prices have declined.
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