OTTAWA – As the U.S. greenback continues to tumble amidst growing uncertainty over the American debt crisis, the Canadian Tire dollar made incredibly strong gains this week, closing today at 100.34 cents U.S.
Frantic investors continue to seek refuge in safe global currencies as the U.S. inches closer to their August 2nd deadline to raise the debt ceiling level.
“With the state of the economy as it is, currency traders, it seems, are now looking into other, more unconventional forms of currencies to invest in,” explained BMO financial analyst Louis Bertrand. “For many traders, Canadian Tire money is a safe and stable bet.”
“This is really good news,” Canadian Tire public relations spokesman Drew Collings said in an interview. “Just last week Canadian Tire money could get you a few cents off your purchase of windshield wiper fluid. Now you can just as easily buy a new windshield with it too.”