ONTARIO, Canada – Canadian currency has tumbled almost 6% earlier today, as a result of many factors, one of which may include the northern nation’s increasing food prices.
Bacon, for example, which has usually been about 1/2 pound for $4.99CAD; now, however, it has gone up to $8.00CAD or higher for only 1/3 of a pound. Milk has gone up to over $5 per gallon.
With so much inflation and insecurity in such a staple market, food, it was no shock that the Canadian economy has almost entered freefall.
Canada’s path to recovery from here seems all but unclear, with the recent USMCA agreement diminishing Canada’s ability to act as a “fence” for tarriffed Chinese goods, such as steel. One reader told us that they failed a deadline to transfer CAD to USD earlier in the day and lost over $700 as a result of the rapid devaluation of the Canadian currency.