Loonie Closes at 12-month Low

The Canadian dollar closed below 96 cents US at a 12-month low Friday, as traders moved into more widely traded U.S. dollar denominated securities.

The loonie’s official Bank of Canada close was 95.40 cents US, down 1.07 cents. It hasn’t been that low since Sept. 8, 2010.

It has lost 1.74 cents this week.

Markets are concerned that a slowing global economy will hurt exporting countries such as Canada.

The drop came even as Statistics Canada reported the economy registered a modest gain in July, with gross domestic product rising 0.3 per cent, which met economists’ expectations.  Read More…

This article has 10 Comments

  1. Kael

    My sugesstion is do your online Christmas shopping asap while the prices of goods at American stores are at their cheapest.

  2. Fynn R

    Ouch! And i was planning on liquidating some of my portfolio. Now the exchange rate is going to take a big hit on my returns 🙁

  3. Arnold

    I still get a chuckle when i see the word: Loonie. My american cousin thinks its a silly name for a dollar. But hey he hails from a country that still has it as paper currency.

  4. Kale Reiss

    It was a nice run while it lasted. I hope everyone took full advantage of the higher than normal dollar for all this time.

  5. Nickolas

    Conservatives, what Canada needs (rolling my eyes).

  6. Dawson

    @ren, no it just means the Canadian economy is on the verge of collapsing.

  7. Ren

    Does this mean the US economy is on the verge of improving?

  8. Ignatius R.

    I like how it mentions the European officals are positive they can find a solution to the debt crisis. Why do they play their games? We all know their solution will always, ALWAYS be to bail out the too-big-to-fail banks with tax payer dollars with no strings attached.

  9. Abdullah Benton

    This is not a good sign for our economy. Every, honest and professional economist says we are looking at a double-dip recession worldwide

  10. Christo H.

    The signs were in the water all this time. The economy is going to slowly move into a recession

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