Canadian Companies Becoming More Efficient as Currency Rises

anadian companies faced with the rising value of the Canadian dollar are being forced to become more efficient to compete internationally, the Wall Street Journal reported Monday.

The value of Canada’s dollar has risen to more than 80 cents, from about 63 cents in 2003, putting more pressure on Canadian companies trading internationally, especially with the United States.

Canada sends about 80% of its exports to the United States, the Journal said.

The country’s rising dollar has helped some Canadian companies who import machinery from the United States, because U.S. goods are more affordable, the paper said.