My husband borrowed Canadian money from his relative to pay for his American education. At the time the Canadian dollar was .50:1. Now the exchange rate is 1:1 and we are paying back the debt in US dollars. Does this mean that we owe twice as much?
The all time low on the Canadian dollar was 61.79 US cents on Jan 21, 2002.
Yes, it will now cost you about US$1.01 to pay back a Canadian dollar, if when you borrowed you agreed to pay in their currency.