Low Loonie expected to benefit Summerland businesses

Summerland businesses could gain from the declining value of the Loonie.

The Canadian dollar has lost ground against the U.S. dollar.

The Canadian dollar has lost ground against the U.S. dollar.

Summerland businesses could gain from the declining value of the Loonie.

On Saturday, the Canadian dollar closed at 80.49 cents against the American dollar.

Arlene Fenrich, president of the Summerland Chamber of Commerce, said the decline could benefit some key sectors of Summerland’s economy.

“The low value of the Loonie is expected to have a positive impact on the number of U.S. tourists that are considering a vacation to the Okanagan,” she said. “It can also be hugely beneficial to manufacturing or agricultural businesses that typically export to the U.S. A lower Loonie means more foreign spending is likely.”

The value of the Loonie has fluctuated widely in recent years.

The lowest value ever recorded for the Canadian dollar was on Jan. 21, 2002, when it traded at 61.79 cents against the U.S. dollar.

Less than six years later, on Nov. 7, 2007, it closed at $1.1030 against the American dollar.