As many of you have heard in the news lately, the steady devaluation of our Canadian Dollar has resulted in an increased cost when purchasing items from our US trading partners. To make matters even more challenging, with the Federal Governments recent announcement to cut Canada’s key lending rate, the dollar suffered another significant devaluation last week which has caused further damage to our Canadian purchasing power. Above you can find a chart that represents the last three months of exchange rate deterioration:
As a result, the time has come where we need to adjust our customers pricing to reflect the higher procurement costs. However, just like our customers – not all products are affected in the same way as we have worked diligently with our southern partners to minimize the impacts of these increased costs and attempted to create any efficiency where possible.
To help better explain the specific cost impacts to each customer, we have asked our dedicated customer service team to communicate with each customer individually and help answer any questions that you may have. Understandably, this challenge will affect every business in different ways but as always, we will continue to look for creative ways to deliver unparalleled value and quality to all of our customers.
Thanks for your ongoing support and loyalty.