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The trend will help close the gap between American and Canadian tourist spending. In 2002, Canadians spent the same amount, in aggregate, as Americans did north of the border, says TD. But by 2013, the last time the greenback and loonie were at parity, Canadians spent $17 billion more than Americans did.

“Put another way, total American outlays in Canadian malls, hotels and restaurants amounted to only 30 cents of each dollar spent by Canadians in the United States,” said Burleton.

Now that Canadians have to spend a 35 to 40 per cent higher price tag due to the loonie’s tumble, a multi-year reversal is gaining momentum.

Burleton expects the gap will narrow to $11 billion this year, adding a cumulative direct economic boost to Canada to the tune of $4 to 5 billion over 2015-16.

There are alreadysigns that Canadians have stopped flying out of U.S. airports, a common tactic travellers used to take advantage of what were once much cheaper flights. Anecdotal evidence suggests Americans are now even opting to fly out of Canadian airports because of the low dollar.

Unfortunately, Burleton said that Canada will not reap the full benefits of fewer Canadians travelling south. He expects that much of the money that would have been spent in the U.S. will not necessarily be spent on domestic travel, but will instead be saved or spent in other countries with a more favourable exchange rate.

“Looking past this, additional tourist dollars should still provide a much-needed boost to growth, though residents of these regions are likely to save a larger share of their reduced U.S. travel spending rather than spend it locally,” he said.