Canadian dollar tumbles to close below 72 cents US.

[lockedout]

The Canadian dollar continued its slide today, closing below the 72-cent US mark for the first time since the spring of 2004.

The loonie ended the trading day at 71.68 cents US, down more than four-fifths of a cent from its close Wednesday. At one point during the day, it was down more than a full cent.

Put another way, it now costs almost $1.40 Cdn at official exchange rates to buy a single U.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.

The loonie is on track to post its second-worst year ever, down 17 per cent since Jan. 1, and there's still a week to go, Bank of Montreal economist Doug Porter noted Thursday. "The only bigger annual decline was in the extreme conditions of 2008, when the Canadian dollar fell 18.6 per cent — a threshold I thought would never even be approached again," Porter said. http://www.cbc.ca/news/business/loon...ents-1.3369475

Is it all the free healthcare?

[ellieg]

Their currency is called a loonie? lol

[Rixis]

Is it all the free healthcare?

That depends, did they trial free healthcare in 2008, and then reimplement it at the beginning of this year?

[primalmatter]

The Canadian dollar continued its slide today, closing below the 72-cent US mark for the first time since the spring of 2004.

The loonie ended the trading day at 71.68 cents US, down more than four-fifths of a cent from its close Wednesday. At one point during the day, it was down more than a full cent.

Put another way, it now costs almost $1.40 Cdn at official exchange rates to buy a single U.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.

The loonie is on track to post its second-worst year ever, down 17 per cent since Jan. 1, and there's still a week to go, Bank of Montreal economist Doug Porter noted Thursday. "The only bigger annual decline was in the extreme conditions of 2008, when the Canadian dollar fell 18.6 per cent — a threshold I thought would never even be approached again," Porter said. http://www.cbc.ca/news/business/loon...ents-1.3369475

Is it all the free healthcare?

Not really.. we devalue our own dollar in order to export more goods and while I believe it to be foolish to do so that is the current trend. Not much has changed really we are hurting a bit since trudeau has a hard on for screwing over the oil fields with environmental crap but otherwise it isn't to big of a deal over all at least not yet.

[Rixis]

Their currency is called a loonie? lol

Only the dollar coin, because of the picture of a loon on it (a bird)

[Sykol]

Thanks, Harper! Enjoy your pension.

[zenkai]

The price of oil is the main reason for their Recession.

[Rukh]

It also has to do with the US economy doing fairly well.

[Osmeric]

Oil is down below 35 $US/barrel, and US interest rates are starting to go up.

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Their currency is called a loonie? lol

And the two dollar coin is called the "two-nie".

[Deleted]

Is it all the free healthcare?

It currently costs $1.49 to buy £1, so no, it's not the free healthcare.

[alexw]

The Canadian dollar continued its slide today, closing below the 72-cent US mark for the first time since the spring of 2004.

The loonie ended the trading day at 71.68 cents US, down more than four-fifths of a cent from its close Wednesday. At one point during the day, it was down more than a full cent.

Put another way, it now costs almost $1.40 Cdn at official exchange rates to buy a single U.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.

The loonie is on track to post its second-worst year ever, down 17 per cent since Jan. 1, and there's still a week to go, Bank of Montreal economist Doug Porter noted Thursday. "The only bigger annual decline was in the extreme conditions of 2008, when the Canadian dollar fell 18.6 per cent — a threshold I thought would never even be approached again," Porter said. http://www.cbc.ca/news/business/loon...ents-1.3369475

Is it all the free healthcare?

Lol, so a policy that has been in place for decades all of a sudden causes the currency to fall? Errr no.

Canada exports lots of raw materials. Commodity prices have collapsed globally. Ergo its hitting the Canadian economy which in turn means the currency is falling. Oh and Canada has a massive housing bubble too. The collapse in commodity prices and thus economic activity is popping that bubble in the regions that were dependent on commodity exports for jobs.

[Austilias]

You believe in currency deflation? It's 2015, bigot.

[Banshee Prince]

Probably their new leader. Whatever was propping up the economy must have tripped over his umbilical cord.

[Independent voter]

Who would've thought oil would be down to $35 a barrel?

[unbound]

The Canadian dollar continued its slide today, closing below the 72-cent US mark for the first time since the spring of 2004.

The loonie ended the trading day at 71.68 cents US, down more than four-fifths of a cent from its close Wednesday. At one point during the day, it was down more than a full cent.

Put another way, it now costs almost $1.40 Cdn at official exchange rates to buy a single U.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.

The loonie is on track to post its second-worst year ever, down 17 per cent since Jan. 1, and there's still a week to go, Bank of Montreal economist Doug Porter noted Thursday. "The only bigger annual decline was in the extreme conditions of 2008, when the Canadian dollar fell 18.6 per cent — a threshold I thought would never even be approached again," Porter said. http://www.cbc.ca/news/business/loon...ents-1.3369475

Is it all the free healthcare?

I've heard of twisting something to fit a narrative, but wow...

You honestly think it has something to do with universal healthcare in Canada which started in 1984? You think a healthcare system that spends

The US spends over $9,000 per person per year on healthcare. Canada spends less than $6,000 per person per year (yes, that is in US dollars). But Canadian healthcare is messing up the value of their currency?

Not only are you are challenged in understanding economics; you are challenged in understanding basic math.

Much of the drop in value of the Canadian dollar has to with industrial commodities (including oil) being low now. http://business.financialpost.com/ne...-keeps-falling

[Reeve]

Who would've thought oil would be down to $35 a barrel?

$34.62

[ArguesWithStrangers]

The Canadian dollar continued its slide today, closing below the 72-cent US mark for the first time since the spring of 2004.

The loonie ended the trading day at 71.68 cents US, down more than four-fifths of a cent from its close Wednesday. At one point during the day, it was down more than a full cent.

Put another way, it now costs almost $1.40 Cdn at official exchange rates to buy a single U.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.

The loonie is on track to post its second-worst year ever, down 17 per cent since Jan. 1, and there's still a week to go, Bank of Montreal economist Doug Porter noted Thursday. "The only bigger annual decline was in the extreme conditions of 2008, when the Canadian dollar fell 18.6 per cent — a threshold I thought would never even be approached again," Porter said. http://www.cbc.ca/news/business/loon...ents-1.3369475

Is it all the free healthcare?

As long as all the Costcos at the border keep accepting at a 1/1 exchange rate the Canadians should be fine.

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$34.62

It's all that evil fracking.

[jackofwind]

And the two dollar coin is called the "two-nie".

It's called a toonie, bud. Toonie.

[Osmeric]

Who would've thought oil would be down to $35 a barrel?

It may hit $20/barrel before the bottom is reached. Storage is nearing capacity, yet production is still increasing globally.

The interesting question is what will happen in the more vulnerable OPEC countries. I'm particularly worried about Nigeria.

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It's called a toonie, bud. Toonie.

A mere spelling difference!

[Ratboy]

Who would've thought oil would be down to $35 a barrel?

Yet gas is still around $1 per litre