Canada's dollar breaks another 2003 record, dropping below 69 cents US

TORONTO -- The Canadian dollar was trading below 69 cents US early Friday for the first time since 2003 as crude oil futures dropped below US$30 a barrel.

See Full Article

The loonie traded as low as 68.74 cents US about five hours before the Toronto Stock Exchange opened. It was somewhat higher at 6:30 a.m., trading at 68.98 cents US -- about two-thirds of a U.S. cent below the Thursday closing price.

The dollar was also down against the euro, British pound and Japanese yen.

On the commodity markets, February crude oil futures briefly traded below US$29.40 a barrel at about 5:30 a.m. The falling price of crude -- from more than US$100 a barrel in the summer of 2014 -- has been a major reason for the loonie's fall.

The last time the loonie was worth less than 69 cents US was nearly 13 years ago, in April 2003.

With about three hours to go before regular trading on North American stock exchanges at 9:30 a.m., index futures were solidly positive: Dow Jones futures were up 227.64 points at 16,379.05, S&P 500 futures advanced 31.56 points to 1,921.84 and the Nasdaq futures gained 88.94 points to 4,615.0.

On Thursday, the Toronto Stock Exchange's S&P/TSX index gained 165.62 points to close at 12,336.03, though it has still lost more than 900 points, or 7.1 per cent, since the Christmas break.



Advertisements

Latest Economic News

  • U.S. files challenge against Canadian tariffs with WTO

    Economic CTV News
    The United States says it's firing back at the Canadian government's recent retaliatory tariffs on American imports by launching a formal challenge with the World Trade Organization. The federal Liberal government introduced reciprocal duties earlier this month on some U.S. Source
  • Energy stocks weigh on Toronto market, while loonie climbs higher

    Economic CTV News
    TORONTO - Canada's main stock index was in the red in late-morning trading as losses in the energy sector led the way lower. The S&P/TSX composite index was down 77.67 points to 16,483.45, after 90 minutes of trading. Source
  • Ontario trade minister heads to Washington to defend auto industry

    Economic CTV News
    TORONTO -- Ontario's trade minister will be travelling to Washington this week to defend the province's auto industry at a U.S. Department of Commerce hearing. Jim Wilson says he will be speaking Thursday at the public hearing to investigate national security issues around imports of automobiles and automotive parts. Source
  • U.S. launches tariff challenge at WTO against Canada, Mexico, Turkey, China and EU

    Economic CBC News
    The United States has launched five separate complaints at the World Trade Organization against Canada, China, the European Union, Mexico and Turkey, in response to retaliatory tariffs those countries and groups have launched against American products. Source
  • IMF: World economy likely to grow 3.9 per cent this year

    Economic CTV News
    WASHINGTON -- The International Monetary Fund is keeping its forecast for global economic growth unchanged at 3.9 per cent this year despite worries about rising trade tensions and higher oil prices. But the lending agency is downgrading the outlook for Europe and Japan. Source
  • South African community introduces its own digital currency

    Economic CTV News
    ORANIA, South Africa -- The white Afrikaner community that famously sprang up in a sparsely populated corner of South Africa at the end of apartheid is now testing a digital currency that could reinforce its sense of independence. Source
  • CREA reports June home sales down 10.7 per cent from year ago, but up from May

    Economic CTV News
    OTTAWA -- The Canadian Real Estate Association says the number of homes sold in June was down 10.7 per cent from a year ago. The result was a five-year low for the month of June. Source
  • Average house price fell 1.3% to $496,000 in past year, CREA says

    Economic CBC News
    Home sales increased last month for the first time this year, but average selling prices are still slightly lower than they were a year ago. AnalysisHouse prices will rise again, but the million-dollar question for buyers and sellers is when?: Don Pittis Source
  • Financial forum: Virtual currencies need close monitoring

    Economic CTV News
    FRANKFURT -- An international forum on financial regulation say virtual currencies such as bitcoin do not currently pose a threat to global stability but require "vigilant monitoring" as the market is changing rapidly. The Financial Stability Board added Monday that that the highly volatile currencies raise concerns about consumer and investor protection and that data on banks' exposure to them remains scarce. Source
  • An aisle-by-aisle look at how to buy Canadian at the grocery store

    Economic CTV News
    TORONTO -- Some consumers have vowed to take their patriotism to the supermarket and buy only made-in-Canada products after the federal government slapped retaliatory tariffs on dozens of U.S. goods as part of an escalating trade war with the country's biggest trading partner. Source