{"id":10598,"date":"2015-08-01T08:11:17","date_gmt":"2015-08-01T13:11:17","guid":{"rendered":"http:\/\/olduvai.ca\/?p=10598"},"modified":"2015-08-01T08:11:18","modified_gmt":"2015-08-01T13:11:18","slug":"canadian-dollar-dips-below-77-cents-with-more-pain-to-come","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=10598","title":{"rendered":"Canadian dollar dips below 77 cents with more pain to come"},"content":{"rendered":"<div class=\"story-headline\">\n<h3 class=\"story-title\"><a href=\"http:\/\/www.cbc.ca\/news\/business\/canadian-dollar-dips-below-77-cents-with-more-pain-to-come-1.3175761\" target=\"_blank\">Canadian dollar dips below 77 cents with more pain to come<\/a><\/h3>\n<\/div>\n<p class=\"story-deck\"><strong>TD Bank predicts 73-cent loonie as effects of low oil linger<\/strong><\/p>\n<p>The Canadian dollar is nearing its low for the year Friday, after news that the economy\u00a0<a href=\"http:\/\/www.cbc.ca\/news\/business\/canada-s-economy-shrank-by-0-2-in-may-1.3175099\">contracted for a fifth straight month in May.<\/a><\/p>\n<p>The loonie closed at 76.45\u00a0US cents, down half a\u00a0cent from Thursday,\u00a0after Statistics Canada said the economy shrank 0.2 per cent in May. The lowest close this year is 76.40 US cents.<\/p>\n<ul>\n<li><strong><a href=\"http:\/\/www.cbc.ca\/news\/business\/where-to-travel-with-the-falling-canadian-dollar-1.3173121\">Where to travel with the falling Canadian dollar<\/a><\/strong><\/li>\n<li><strong><a href=\"http:\/\/www.cbc.ca\/news\/business\/plunging-loonie-means-inflation-in-store-don-pittis-1.3163155\">Plunging loonie means inflation in store: Don\u00a0<\/a><a href=\"http:\/\/www.cbc.ca\/news\/business\/plunging-loonie-means-inflation-in-store-don-pittis-1.3163155\">Pittis<\/a><\/strong><\/li>\n<\/ul>\n<p>TD Bank economist Leslie Preston says the dollar is likely to go to 73 cents this year, and will stay in the mid-70s\u00a0for at least another year.<\/p>\n<p>&#8220;Lower oil prices and more stimulative monetary policy also led us to downgrade our forecast for the loonie. We now expect the Canadian dollar to depreciate versus the U.S. dollar, reaching 73 cents by the second quarter of next year, before rising gradually back up to 76 cents by the end of 2016,&#8221; she said in a report to investors.<\/p>\n<p>Canada&#8217;s economic performance is a sharp contrast from the U.S. economy,\u00a0<a href=\"http:\/\/www.cbc.ca\/news\/business\/u-s-economy-rebounds-with-2-3-growth-in-q2-1.3174122\">which grew 2.3 per cent<\/a>\u00a0in the second quarter of the year according to the latest assessment from the Commerce Department.<\/p>\n<p>Low oil prices, which have stayed below $50 per barrel\u00a0for the past month, are hurting capital investment by the oil sector and have resulted in elimination of hundreds of jobs.<\/p>\n<p>The low loonie was supposed to help Canada boost exports and stimulate the manufacturing sector, especially with the U.S. in growth mode.<\/p>\n<p>But despite a Bank of Canada rate cut earlier this month, the business outlook is still lacklustre.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian dollar dips below 77 cents with more pain to come TD Bank predicts 73-cent loonie as effects of low oil linger The Canadian dollar is nearing its low for the year Friday, after news that the economy\u00a0contracted for a fifth straight month in May. The loonie closed at 76.45\u00a0US cents, down half a\u00a0cent from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[103,1861,3544,3000,1775,1936,7734,839],"class_list":["post-10598","post","type-post","status-publish","format-standard","hentry","category-economics","tag-canada","tag-canadian-dollar","tag-cbc","tag-cbc-news","tag-oil-price-collapse","tag-statistics-canada","tag-td-bank","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10598"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10598\/revisions"}],"predecessor-version":[{"id":10599,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10598\/revisions\/10599"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}