Dollar Now Below 75 cents U.S.
CBJ — The Canadian dollar is now trading below 75 cents U.S., making it the lowest level for the loonie in 11 years.
Not since 2004 has our dollar been in the doldrums to this extent. It’s been a steady demise over the course of the summer and into the fall and soon to be winter.
It’s bad news for anyone planning an imminent vacation, although it should be good news for Canada’s tourism industry.
Meanwhile a barrel of oil is lagging at below $40, and while it’s great for commuters and the prices paid at gas stations, it’s doing nothing for the economy out in Alberta where thousands more jobs have recently been lost primarily in the energy sector.
Next Tuesday, Bank of Canada Governor Stephen Poloz will speak on “The Evolution of Unconventional Monetary Policy,” just days after the Bank of Canada held interest rates steady in its last rate decision of the year.