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As Canadian Dollar Rises… Players May Take A Pay Cut
by Paul on 09/17/07 at 11:12 AM ET
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from Allan Maki of the Globe and Mail,
Here’s some news worth calculating: the more our Canadian dollar rises, the more likely it is that NHL players may soon be taking a pay cut….
But soon, our dollar and the U.S. dollar are expected to be equals. And should our dollar surpass its US counterpart – a possibility, according to some economists – NHL players will be taking home less money.
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Whether the Canadian dollar passes above the US$1 mark is irrelevant to whether they are taking home “less money”. The proper term is that for a player getting paid in US$ but living (and spending most of their money) in Canada, their purchasing power in Canada is declining due to the shift in exchange rates.
This is what’s been happening for the last few years, actually. A player making $5 million per year has less purchasing power in Canada than he did the year before, or the year before that, etc.
Posted by Forechecker from Nolensville, TN on 09/17/07 at 11:33 AM ET