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Canadian Dollar Continues Slide to 78 Cents

Posted January 29, 2015

Under Economic Issues, International Trade Issues

(CBC News)

The Canadian dollar continued its downward trajectory Thursday, falling to 78 cents a day after closing below 80 cents for the first time since 2009.

The loonie was at 78.94 cents US at midday, down from its close of 79.87 cents US on Wednesday.

Declining oil prices continued to put pressure on the Canadian dollar, with West Texas Intermediate crude dipping close to $40 before recovering to the $43.88 range. Brent oil contracts were at $48.58 US a barrel.

But the real trigger was the Fed’s open market committee announcement Wednesday, which seemed to indicate the U.S. central bank was on track to raise interest rates in the spring, in line with its previous schedule. Click here to read more.