CTV - A strong loonie means fewer American tourists

Ask anyone who works in Old Montreal and they'll tell you there's been something missing this summer – Americans. With the U.S. Dollar closing at just under 95 cents Canadian on Wednesday, taking a trip to Montreal is a lot more expensive than it used to be for our neighbours to the south. And those who rely on American tourist dollars in the summer are feeling it.

Christopher Ragan, a McGill University economics professor, says the belief is that retailers in Canada have less incentive than their American counterparts to keep prices lower. "There's a lot of belief that the Canadian retail markets aren't as competitive as those in the U.S., and that lack of competition can be one reason why those price changes take a little while longer," he said.