December 3, 2007 Ottawa The loonie continues its slide after on November 11 broking the US$1.10 barrier, Now less than a month later the loonie has tumbled. Closing Monday at $0.9998 to the US dollar.

The drop in the Loonie is not expected to slow cross border shopping as Canadian are still saving money, especially on large purchase when they head south with their Canadian Dollars.

Canadians said they plan to spend on average $724 on gifts this year, with residents in the fastest-growing provinces planning to spend the most, the survey by Maritz Research shows.

Shoppers in the Prairies plan to spend the most -- at $1,016 on average -- reflecting a booming economy in the west. Quebecers, who spend more on fine meals and entertaining, will spend the least on gifts, at $538 on average.

In Ontario, consumers say they plan to spend $767.

"Holiday spending is one of the best economic indicators," said Robert Daniel, president and managing director of Maritz Research - Canada. While the survey was not directly comparable to prior years' studies, Daniel said, it showed consumer spending is on track.

"This is going to be a good holiday shopping year.
 
Maritz surveyed just over 2,000 households during the month of October. Conducted online, the results were weighted to Statistics Canada's demographics. The margin of error is plus or minus 2.13 per cent.