Canadian dollar hits 12-year low, dips below 71 cents

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Canadian dollar

More bad news for the Canadian dollar. The loonie dipped below 71 cents U.S. on Wednesday morning for the first time in 12 years.

The last time the loonie was under the 71 cent mark was in August of 2003. The continuing drop of oil and gas prices, as well as an uncertain American economy, has left the dollar on a sinking trajectory. Crude oil is currently trading at $35.97 a barrel, down 2.2 per cent.

The Canadian dollar last hit a significant low in mid-December when it dropped below 72 cents for the first time since May of 2004.

At this time last year, the loonie was worth more than 84 cents U.S.

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