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

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.

Around the Web

About the author

Author Avatar
Lauren Sundstrom Lauren is a Staff Writer and Projects Assistant at Vancity Buzz. She is a graduate of BCIT's Broadcast and Online Journalism program. She loves reporting on breaking news and lifestyle content. If you feel like you have a story that needs to be told, fire her a tweet.

Facebook Conversations