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Concerns About the Canadian Dollar
by Alanah McGinley on 10/23/08 at 03:00 PM ET
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From CBC:
The unpredictable nature of the Canadian dollar means the NHL’s six Canadian teams are involved in a high-stakes contest of financial chicken, trying to stay one step ahead of the loonie at all times.
It’s a game they can ill afford to lose.
As recently as last November, the Canadian dollar briefly reached $1.10 US, and still hovered above par with its American counterpart in May. But on Wednesday the once-mighty loonie plunged below 80 cents U.S., and it could keep falling, according to market experts.
Continued here. There’s also an excellent graphic accompanying that CBC article which shows how notably the fluctuating dollar affects Canadian teams, and I’ve taken the liberty of copying it below:
___________________
*chart from CBC.ca
Filed in: NHL Talk, NHL Business of Hockey | KK Hockey | Permalink
Tags: canadian+dollar,
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Some people might suggest that Bettman was wrong come season’s end, that the rise in the cap was due to the Canadian dollar being at parity. However, due to the slowdown in the economies of both countries, it will be an easy deflection for Gary. Now, if the economies were surging, and it was only the loonie that was falling, then you might have a case.
Posted by SENShobo from Waterloo, ON on 10/23/08 at 04:27 PM ET