CDN Dollar Continues Drop Against U.S. Counterpart
The Canadian dollar continued to weaken against the U.S. dollar yesterday, which means possibly higher prices for Canadian book consumers in the future. As much as I would love to report in this space that one or more of our distributors is doing something serious to offset the situation, that doesn’t seem to be the case. Again, at risk of repeating this too many times; literary agents (i.e. lawyers) have determined that the U.S. and Canada are a single market for royalty purposes. Therein lies the problem.
You would expect that someone in the business would want to step in at some point and say, “We’re going to do something to inject life into Canadian market book sales;” but day after day, it never happens. We’re just not worth it. Maintaining the status quo is apparently in everybody’s interest. With each period of higher prices north of The 49th Parallel, readers lose interest and change habits with their discretionary, leisure-time dollars. In other words, we lose readers permanently in periods like this.
At yesterday’s closing rate, buying U.S. dollars will cost you 1.2740 CAD before the 2.5% your bank charges.