Canada's dollar breaks another 2003 record, U.S. index futures turn red

TORONTO -- The Canadian dollar traded below 69 cents US early Friday for the first time since 2003 as crude oil futures dropped below US$30 a barrel and overseas stock markets fell sharply.

See Full Article

The loonie traded as low as 68.74 cents US about five hours before the Toronto Stock Exchange opened at 9:30 a.m.. The dollar was higher at 8:30 a.m., at 69.05 cents US -- about 0.62 of a U.S. cent below the Thursday closing price.

Canada's dollar -- which hasn't been below 69 cents since April 2003 -- was also down Friday against the euro, British pound and Japanese yen.

On the commodity markets, February crude oil futures traded at US$29.35 a barrel at about 8:30 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.

With about one hour to go before regular trading on North American stock exchanges at 9:30 a.m., index futures were solidly negative: Dow Jones futures were down 303.0 points at 15,978.0, S&P 500 futures declined 35.25 points to 1,879.25 and the Nasdaq futures lost 86 points to 4,171.50.

Asian and European markets were also in the red. Shanghai's benchmark index closed down 3.55 per cent and smaller declines were shown in Tokyo, Hong Kong, London, and Paris.

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

  • Rivals praise EU ruling against Google

    Economic CTV News
    BRUSSELS - European regulators' latest swipe at the dominance of U.S. tech giant Google could open new opportunities for rivals in search and web browsers - that is, if handset manufacturers decide to make the most of the opening. Source
  • Hydrogen sulfide leak at Suncor refinery sends workers to hospital

    Economic CTV News
    EDMONTON - A number of people at Suncor's refinery in Edmonton were sent to hospital after a toxic gas was released at the facility. Suncor spokeswoman Erin Rees says company crews responded to a release of hydrogen sulfide at around noon on Wednesday. Source
  • Burnaby, B.C. issues eviction notice to Kinder Morgan protesters

    Economic CTV News
    BURNABY, B.C. - The City of Burnaby is evicting protesters from a make-shift camp set up outside one of Kinder Morgan's terminals, citing fire safety and public health concerns. City manager Lambert Chu says the city is worried about how the footprint of the site, dubbed Camp Cloud, has grown to include a two-level wood structure, additional tents and even shower facilities. Source
  • CP Rail second-quarter profit hurt by disruptions related to labour strife

    Economic CBC News
    ?Canadian Pacific Railway Ltd. says service interruptions related to labour negotiations and strike notices caused its net income to decrease 10 per cent in the second quarter despite higher revenues. The Calgary-based railway earned $436 million, compared with $480 million a year earlier. Source
  • CP Rail second-quarter profits hurt by disruptions related to labour strife

    Economic CTV News
    CALGARY -- Canadian Pacific Railway Ltd. says service interruptions related to labour negotiations and strike notices caused its net income to decrease 10 per cent in the second quarter despite higher revenues. The Calgary-based railway earned $436 million, compared with $480 million a year earlier. Source
  • Manitoba will charge 'social responsibility fee' on cannabis retailers

    Economic CTV News
    WINNIPEG -- When recreational cannabis is legalized later this year, it will be subject to a government fee and a wholesale markup in Manitoba. The provincial government says a "social responsibility fee" of six per cent will be applied to a cannabis retailer's total annual revenues. Source
  • Costco launches online grocery delivery in Canada

    Economic CTV News
    Costco.ca is the latest retailer to launch an online grocery store in Canada, starting with some stores in southern Ontario. The membership-based retailer has begun offering hundreds of non-perishable grocery items, beauty products and supplements online. Source
  • Nova Scotia's 'unique' cannabis stores unveiled

    Economic CTV News
    HALIFAX -- The Nova Scotia Liquor Corp. offered a glimpse inside one of its coming cannabis stores Wednesday, showcasing a unique retail hybrid not likely found anywhere else in the world. NSLC president and CEO Bret Mitchell took media on a tour of the cannabis store that's inside the NSLC on Joseph Howe Drive in Halifax, saying Nova Scotia is the only jurisdiction that brings cannabis and alcohol sales under one roof. Source
  • Manitoba Hydro boss announces retirement; says the time is right to leave

    Economic CTV News
    WINNIPEG -- The president and CEO of Manitoba Hydro has announced he is retiring less than three years after joining the Crown corporation. Kelvin Shepherd, who joined the utility in December 2015 after a five-year stint at MTS Inc. Source
  • CRA lawyers say Loblaw misused Barbadian subsidiary for tax avoidance

    Economic CTV News
    TORONTO - Government lawyers say Loblaw Companies Ltd.'s Barbadian banking subsidiary was "playing with its own money" rather than an active business with outside customers and is obligated to pay tax back home. Justice Department lawyer Elizabeth Chasson said in her closing arguments at the Tax Court of Canada that Barbados-based Glenhuron Bank Ltd. Source