Updated 09/27/2007 06:48 PM
U.S. exchange rate affects the North Country
OGDENSBURG, N.Y. -- Pretty soon, we may see more Canadians shopping in the states.
For the first time in decades, the Canadian and U.S. dollars are practically equal and that means border cities like Ogdensburg will see an impact.
"I would expect to see some, a little more tourism from Canada. One important things also is that Americans will not go as often to Canada to buy goods and services," said Diego Nocetti, Clarkson University Economics Professor.
And some say this latest exchange rate couldn't have happened at a better time.
"Next weekend coming up is a big weekend for both Canadians and Americans. We celebrate Columbus Day, they're celebrating their Thanksgiving. So, it's traditionally a good tourist-travel weekend," said Sandra Porter, from the Ogdensburg Chamber of Commerce
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So chances are we'll be seeing a lot of Canadians coming across the border soon, but the question on many people's minds, how will the current exchange rate affect residents in the North Country?
"It depends on what you spend your money on. If you are used to traveling a lot to Canada, it will be more expensive for you, at least in the short-term. But you should expect to pay higher prices for some goods," said Nocetti.
The exchange rate constantly fluctuates and though the U.S. dollar has been depreciating for a while, experts say this latest rate is nothing to be concerned about.
"It is something that we in the last 20 years have not seen. The question is, is that a problem? My particular interpretation is that it is not. As I said, there will be people that are better off, people that are worse off," said Nocetti.
One thing U.S. citizens can expect is to see some higher prices for imported goods.