Canadian dollar drops below 70 cents U.S.

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For the first time since 2003 the Canadian dollar has dipped below 70 cents U.S.


TORONTO - Canada's dollar dipped below 70 cents U.S. on Tuesday for the first time in nearly 13 years.

 The currency's value fluctuates on a minute-by-minute basis but fell to as low as 69.89 cents U.S. before noon ET.

 It was the first time the loonie was below 70 cents U.S. since the spring of 2003, according to Bank of Canada data.

 The currency has been sinking for some time as a result of lower oil prices and other factors and fell below 71 cents U.S. for the first time in more than a decade last Wednesday.

 The loonie is heavily influenced by the global price for oil, one of the country's major exports.

 Crude oil futures were trading just above US$30 a barrel, another multi-year low, as the loonie sank Tuesday morning.

 The currency's historic low is 61.79 cents U.S. - set in January 2002 - but it hit an all-time high of 110.3 cents U.S. in November 2007 as Canada's resource-heavy economy benefited from global demand for its exports.

 The last time Canada's dollar was worth more than the greenback was about three years ago, in February 2013.


Organizations: Bank of Canada

Geographic location: U.S., Canada, TORONTO

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Recent comments

  • laurent Beaulieu
    January 16, 2016 - 17:58

    Sorry folks the refugees or immigrants coming to Canada have nothing to do with our economy and the low dollar. Many World economic factors have a direct impact on our economy and massive investment into the infrastructure as suggested by economists will help us ride this tough patch.

  • wog
    January 15, 2016 - 11:01

    Certainly periods like acts as a reminder its a wise idea to diversify ones economy and not pin all your hopes on a commodity. This also is being influenced by American interest rates as well, but it started with oil.

  • Good News
    January 14, 2016 - 10:17

    This is great news for many industries , pretty much every commodity except oil . Ontario should boom with what is left of its manufacturing ability , tourism should be off the charts , the shell fish industry may experience their best prices in more than two decades and lots of new buyers are already lined up for lobster . When one door closes another opens . Harper could only see oil as a viable industry and bet everything on that ... Harper was wrong .

  • Indigo
    January 13, 2016 - 20:38

    Maybe this will knock some sense into Justin's head and he will stop the crazy refugee project of his.It is absolutely insane to put the country a situation where billions will be spend on dragging those people here that can't speak the language, and we do not have enough work for the people already here. The majority will end up on welfare, and the old people they are talking about will be entitled to old age pension and supplement , absolutely outrageous the whole mess. He is planning on running up the national debt to do this. How can we stop this???

    • izzy
      January 14, 2016 - 15:23

      adding 25,000 to a population of 35 million will do all that? Don't think so.

    • b
      January 15, 2016 - 12:41

      I think Indigo and Bill are sharing the same tinfoil hat... The lower dollar (usually) creates many jobs in Canada as our trade partners want more of our products. Not helping "crazy refugees" due to a low CND$ would show a low moral stance which is not something we as Canadians known for. smarten up.

    • Cromwell
      January 15, 2016 - 16:07

      Bill and Indigo The rapid deterioration of an already weak $ since October, 2015 clearly demonstrates that luvvies such as izzy and b are totally supportive of 'Dear Leader' Trudeau's ambition to bring unskilled migrants to Canada, entirely at taxpayer's expense, is far more satisfactory and meaningful than doing something positive to assist the life of normal Canadians who are really starting to feel the pinch with the current government. From a Federal perspective, the expected cost of 25,000 Syrian migrants is around $5 Billion, of which $50 million is on the PEI taxpayers tab. I would suggest that there are far more effective ways of spending this money to help Canadians.

  • Bill Kays
    Bill Kays
    January 12, 2016 - 13:19

    All commodities prices are rigged by the big boys. Besides that, only greedy people want something for nothing. Only greedy people wish to profit through someone else's loss, or did you think those EARNINGS ON INVESTMENTS was good clean money. How do you know? You don't, even if they tell you otherwise. Exactly where and what does your investment money actually do? How does it increase your wealth? If you profit, someone else loses. Do you get it yet?