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March 4, 2014

Canadian dollar’s drop could hit Maine tourism

Canada’s dollar, the loonie, has fallen in value to 90 U.S. cents and is expected to continue to drop, which could affect trade and hurt summer tourism in Maine towns like Old Orchard Beach, where half the summer visitors are from the north.

The Portland Press Herald reported that the Canadian currency has fallen gradually since January, when it was worth $1.01 U.S. The newspaper reported that trade officials in Maine don’t expect fluctuations in the currency to put a large dent in international commerce with Maine’s biggest trade partner, but said the trend could benefit Maine importers and Canadian exporters and, in turn, cut demand for products exported from Maine to Canada.

Jeffrey Bennett, director of the Maine International Trade Center’s Canada desk, told the newspaper that the loonie’s drop in value could affect tourism most acutely because people can choose other destinations for travel. Craig Alexander, senior vice president and chief economist for the Toronto-based TD Bank Group, told the newspaper tourists may not cancel travel plans but will likely spend less once here.

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