{"id":15418,"date":"2015-12-18T07:33:33","date_gmt":"2015-12-18T12:33:33","guid":{"rendered":"http:\/\/olduvai.ca\/?p=15418"},"modified":"2015-12-18T07:33:33","modified_gmt":"2015-12-18T12:33:33","slug":"canadian-dollar-tumbles-to-close-below-72-cents-us","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=15418","title":{"rendered":"Canadian dollar tumbles to close below 72 cents US"},"content":{"rendered":"<div id=\"content\" class=\"wrap12 story-head\" tabindex=\"0\">\n<div class=\"colfull\">\n<div class=\"story-headline\">\n<h3 class=\"story-title\"><a href=\"http:\/\/www.cbc.ca\/news\/business\/loonie-drops-72-cents-1.3369475\" target=\"_blank\">Canadian dollar tumbles to close below 72 cents US<\/a><\/h3>\n<\/div>\n<p class=\"story-deck\"><strong>Oil slips below $35 US amid continuing strength of U.S. dollar<\/strong><\/p>\n<p class=\"small lighttext\"><img decoding=\"async\" title=\"\" src=\"http:\/\/i.cbc.ca\/1.3354131.1449866014!\/fileImage\/httpImage\/image.jpg_gen\/derivatives\/16x9_620\/canadian-dollar-loonie-maple-leaf.jpg\" alt=\"Some analysts say the loonie could eventually fall to 70 cents US as the currency is pressured by low commodity prices, and the diverging interest rate policies of Canada and the United States.\" width=\"100%\" height=\"349\" \/><\/p>\n<\/div>\n<\/div>\n<div class=\"wrap8 story-primary\">\n<div id=\"leadmedia\" class=\"story-leadmedia col8\">\n<div class=\"figure\">\n<p class=\"figure-caption\">Some analysts say the loonie could eventually fall to 70 cents US as the currency is pressured by low commodity prices, and the diverging interest rate policies of Canada and the United States. (Mark Blinch\/Reuters)<\/p>\n<\/div>\n<div class=\"story-updates module\">\n<hr \/>\n<h3 class=\"story-updates-head story-updates-heading module-head module-heading\">UPDATED<\/h3>\n<div class=\"story-updates-body module-body\">\n<ul class=\"story-updates-list\">\n<li>Loonie has lost 17% of its value in 2015, the second-worst year it&#8217;s ever had<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div class=\"story-content\">\n<hr \/>\n<p>The Canadian dollar continued\u00a0its slide today, closing\u00a0below the 72-cent US mark for the first time since the spring of 2004.<\/p>\n<p>The loonie\u00a0ended the trading day\u00a0at 71.68\u00a0cents US, down more than four-fifths of a cent\u00a0from its close\u00a0Wednesday. At one point during the day, it was down more than a full cent.<\/p>\n<ul>\n<li><strong><a href=\"http:\/\/www.cbc.ca\/news\/business\/fed-janet-yellen-interest-rate-1.3367740\">U.S. Federal Reserve hikes interest rates for 1st time since 2006<\/a><\/strong><\/li>\n<li><strong><a href=\"http:\/\/www.cbc.ca\/news\/business\/loonie-snowbird-tourism-travel-1.3367683\">Low\u00a0Canadian dollar hurts U.S. sunbelt states as snowbirds stay home<\/a><\/strong><\/li>\n<\/ul>\n<p>Put another way, it now costs almost $1.40\u00a0Cdn at official exchange\u00a0rates to buy a single\u00a0U.S. dollar. Tack on service fees charged by banks and anyone buying American currency at their local financial institution will end up paying $1.43 or so.<\/p>\n<p>The loonie is on track to post its second-worst year ever, down 17 per cent since Jan. 1, and there&#8217;s still a week to go, Bank of Montreal economist Doug Porter noted Thursday. &#8220;The only bigger annual decline was in the extreme conditions of 2008, when the Canadian dollar\u00a0fell 18.6 per cent\u00a0\u2014\u00a0a threshold I thought would never even be approached again,&#8221; Porter said.<\/p>\n<h2>Several factors<\/h2>\n<p>The dollar&#8217;s drop has been fuelled by\u00a0several factors, including the continuing slide in oil prices, and the diverging monetary policies of Canada and the United States.<\/p>\n<p>The U.S. Federal Reserve on Wednesday began raising\u00a0its key lending rate for the first time in nearly 10 years, while the Bank of Canada has indicated it&#8217;s in no hurry to follow suit. Some analysts say the Bank of Canada may have to lower rates to jump\u00a0start the economy.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Canadian dollar tumbles to close below 72 cents US Oil slips below $35 US amid continuing strength of U.S. dollar Some analysts say the loonie could eventually fall to 70 cents US as the currency is pressured by low commodity prices, and the diverging interest rate policies of Canada and the United States. (Mark Blinch\/Reuters) [&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":[942,1861,3544,3000,124,303,305,534,592,839],"class_list":["post-15418","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-of-canada","tag-canadian-dollar","tag-cbc","tag-cbc-news","tag-central-banks","tag-fed","tag-federal-reserve","tag-monetary-policy","tag-oil-price","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15418","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=15418"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15418\/revisions"}],"predecessor-version":[{"id":15419,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15418\/revisions\/15419"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}