- Category: Economic
- Published Friday, January 15, 2016
- CTV News
TORONTO -- Canada's biggest stock market was poised to end one of its most volatile weeks in recent memory, while the price of oil closed Friday below the US$30 mark for the first time in more than a decade.
Crude futures settled at US$29.42, down US$1.78 from the day before.
The Canadian dollar was down nearly a full cent in late afternoon trading at 68.77 cents U.S.
The loonie has been on a steep descent for two weeks. The last time it registered a gain was on Dec. 31, when it closed at 72.25 cents U.S.
Ian Nakamoto, director of research at wealth management firm 3Macs, said the dollar's slide is going to have an obvious impact on Canadians, particularly those planning vacations in the U.S. But Nakamoto also spoke of another effect.
"When we see the dollar drop like that, I think there is a sense of -- I shouldn't say loss of national pride -- but less confidence in what's going on in Canada," he said.
The Toronto Stock Exchange's S&P/TSX index was deep in the red less than an hour before the closing bell, down 255.84 points to 12,080.27.
Since the beginning of the year, the market has lost about 6.6 per cent of its value.