Tag Archives: Canadian dollar

Cheap dollar paying off for lobster fishermen in southwestern Nova Scotia

exchange rateYarmouth – After being trapped by low shore prices in past years, this is a good season for lobster fishermen in southwestern Nova Scotia. What’s the catch? Many people are attributing the turnaround to the low Canadian dollar. Fishermen were paid around $6 a pound for their catches at the start of the season, compared to prices of $4 and even closer to $3 in recent years. Last week the price had climbed to around $10 a pound – not so great for the consumer, perhaps, but good for the fishermen. Read the story here 09:39

Producers warn dropping dollar isn’t all good news for fishery

article currencyAmid all the doom and gloom about the economy, the price of oil and the provincial deficit, there’s a bright spot for Newfoundland and Labrador: the Canadian dollar has been tanking. The dollar dropped by more than 17 per cent from a 12-month high last May to a low of 68.69 cents last week. The exchange rate hurts any Newfoundlander going on a trip to Florida, but it helps in plenty of other ways. For one thing, the exchange rate helps soften the blow of abysmal oil prices for the provincial government, and it makes the province more attractive to American tourists who want to spend their greenbacks here. Read the article here 07:58