Loonie dips below 70 cents U.S., first time in 13 years

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.

See Full Article

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.



Advertisements

Latest Economic News

  • Trump Treasury pick defends foreclosure actions, asset disclosure

    Economic CTV News
    WASHINGTON -- Steven Mnuchin, President-elect Donald Trump's pick as Treasury secretary, clashed with Democrats during a lengthy confirmation hearing Thursday over his handling of thousands of mortgage foreclosures and his failure to initially disclose to the committee nearly $100 million in assets and interests in a Cayman Islands corporation. Source
  • Facebook CEO trying to buy out land near his Hawaii estate

    Economic CTV News
    HONOLULU -- Facebook CEO Mark Zuckerberg is going to court to gain ownership of isolated pockets of land tucked away within his sprawling estate in Hawaii. Many of the 14 parcels on the island of Kauai are less than an acre. Source
  • Uber pays US$20 million to settle claims of driver deception

    Economic CTV News
    SAN FRANCISCO -- Uber Technologies is paying $20 million to settle allegations that it duped people into driving for its ride-hailing service with false promises about how much they would earn and how much they would have to pay to finance a car. Source
  • George Soros says Trump a 'would-be dictator' who will rattle markets

    Economic CTV News
    NEW YORK -- Billionaire investor George Soros said Thursday he views President-elect Donald Trump as an "impostor and con man and a would-be dictator" who will rattle financial markets. Soros, a big supporter of Hillary Clinton's failed presidential campaign, said he is confident Trump will be checked by Congress and the Constitution. Source
  • Car makers concerned about Trump, says Canadian innovation minister

    Economic CTV News
    OTTAWA -- A Liberal cabinet minister says he's hearing concerns from auto makers about negative effects on their industry from a Donald Trump presidency. Economic Development Minister Navdeep Bains says he's had conversations with concerned automakers at the recent Detroit auto show and during his current visit to the World Economic Forum in Davos, Switzerland. Source
  • Trump uncertainty may be 'golden moment' for Canadian firms to invest: expert

    Economic CTV News
    OTTAWA - A well-known trade expert is pitching the counter-intuitive idea that widespread uncertainty tied to president-elect Donald Trump's protectionist vows has likely created a once-in-a-lifetime investment opportunity for companies. Export Development Canada's Peter Hall says he's been advising business leaders to consider swooping in on investment opportunities here and abroad while others sit idle from fear over the trade and tax changes being floated in the U.S. Source
  • Trump pays $25 million to settle Trump University cases

    Economic CTV News
    SAN DIEGO -- President-elect Donald Trump has paid $25 million to settle three lawsuits against his now-defunct Trump University, signalling that a judge's approval of a settlement agreement remains on track for March 30. Trump Entrepreneur Initiative LLC paid the money into escrow ahead of Wednesday's deadline, said plaintiff attorney Jason Forge, who represented people who took seminars that promised to teach success in real estate. Source
  • Manufacturing sales top expectations for November, gaining 1.5 per cent

    Economic CTV News
    OTTAWA -- Canadian manufacturing sales topped expectations in November as they climbed 1.5 per cent in the month to $51.8 billion. Economists had expected a gain of 1.0 per cent for the month, according to Thomson Reuters. Source
  • NewLeaf cancels more flights amid 'schedule change'

    Economic CBC News
    Budget flight company NewLeaf has cancelled more flights in Ontario, B.C., Alberta and Nova Scotia for the next few weeks. According to a memo sent to passengers, four flights — all on Sundays — have been cancelled, effective Jan. Source
  • U.S. ends probe of fatal Tesla crash without recall: AP source

    Economic CTV News
    WASHINGTON -- U.S. safety regulators will end an investigation into a fatal crash involving electric car maker Tesla Motors' Autopilot system without seeking a recall, a person briefed on the matter said Thursday. The National Highway Traffic Safety Administration scheduled a call Thursday about the investigation. Source