American spending in Canada poised for a 10-year high
FotoliaThe low loonie is enticing more American tourists to visit Canada.
Americans will spend more money visiting Canada this year than any
point in more than a decade as a low loonie makes heading north more
attractive, John Shmuel reports.
Total visits from the U.S. to Canada were already up more than 1.6
million in the first 11 months compared with the previous year, said TD
Economics in a new report. The bank expects that trend to continue this
year, with U.S. tourists spending a whopping $9.6 billion in 2016.
While Americans spend more in Canada, however, the reverse is
happening down south. The deteriorating exchange rate is expected to
keep more Canadians at home or choosing other travel destinations, says
TD.
“Canadian visits to the U.S. are expected to fall to the lowest
levels since the Great Recession this year, with daily visits likely to
see another sharp decline at roughly double the rate of overnight
visits,” said Derek Burleton, deputy chief economist at TD Economics.