Since becoming a floating currency in 1970, the Canadian dollar's previous all time high was in 1974, when it was valued higher than the US dollar at 1.0043 (it's actual high was in 1864 after the US abandoned the gold standard). Since its modern-day high in 1974, the Canadian dollar steadily depreciated throughout the following three decades, reaching an all time low in 2002 of $0.6179
This was approximately one year after George Bush took power. Up to that year, the US dollar had stayed strong, partly thanks to a series of respected economic policies left over from the Clinton era.
In less than six years, the US dollar has gone from its all-time high against the Canadian dollar, to a shocking fifty-year low.
If this trend continues, the Canadian dollar will have doubled in value by the time George Bush leaves office.
I'm not, I'm Canadian!
But I'd be very upset if I was an American.
For instance, say an American has a 5% annual raise.
Happy right, getting richer, making more money...
Well, in Canadian dollar terms, he'd be getting a reduction in salary of about 3% per year since 2002.
While this is okay in the short term because these things happen in currency markets. It's happened for six straight years - that's an 18% reduction in salary if paid in Canadian dollars.
Pity the American diplomats in Canada.
Or Europe for that matter.
Or Australia, or South Africa.