Canadian dollar drops to below 70 cents US

petros

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Nov 21, 2008
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Is Trudeau out to break Chretien/Martin's record setting 2001 51¢ dollar?


The Canadian dollar dropped below the 70-cent US level for the first time since May 2003 on Tuesday.

Nearing midday, the loonie was changing hands at 69.94 cents US, down by about a third of a cent.

When flipped into the other direction, that means one U.S. dollar can now purchase almost $1.43 Canadian.

The Canadian dollar was led down by oil, which was threatening to dip below $30 US a barrel for the first time since Jean Chretien was prime minister.

The dollar and oil were taking their lead from stock markets, which gave up early gains to head lower on Tuesday. The TSX was just slightly lower, while the Dow Jones Industrial Average and the broader S&P 500 in New York were slightly higher.

The bleak mood of the day's trading was summed up in a report from the Royal Bank of Scotland, which advised clients to "sell everything" in a report early Tuesday.

Canadian dollar drops to below 70 cents US - Business - CBC News
 

spaminator

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our dollar is dropping faster than oprah falling from the moon to earth. :shock: :( ;)
 

mentalfloss

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Jun 28, 2010
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The petros dollar strikes again.

Not that this is necessarily a bad thing for all industries but the fact that it is so intricately tired to oil prices is obviously not a coincidence.
 

petros

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Yup the rest of the entire country is useless and can't stand on it's own without the wealth of the Prairies.
 
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petros

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Why on earth would they re!y on strictly autoparts when Canadians are lining up to buy better quality imports?
 

captain morgan

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Well.. There's the vast power exports from Ontario to the US right now.. Sure, Mr. Wynne is kinda paying the US customers to take that power, but they do qualify as exports.

uto parts would just be an extra bonus if only they had some mfg plants operating.... That reminds me, I should send a note to the PMO to write down 'build lots of mfg plants' on their to-do-list
 

mentalfloss

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Yup the rest of the entire country is useless and can't stand on it's own without the wealth of the Prairies.

Yea, it's population is right up there with heavy hitters such as Manitoba and Newfoundland.

Those bastions of economic muscle and pride.
 

petros

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Bought buy drug sales hence why he never paid taxes or utilized the 100% tax credit available for said equipment.