Loonie Dives to Six-Year Low of C$1.30 on Rate-Cut Speculation
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Canada’s currency weakened past C$1.30 per U.S. dollar for the first time since 2009 amid speculation the nation’s central bank will cut interest rates again to fight the economic damage from lower oil prices.
The loonie, as the Canadian dollar is known for the image of the aquatic bird on the C$1 coin, fell to as weak as C$1.3008. It traded at C$1.2982 at 4:32 p.m. in Toronto. The currency has lost about 2.4 percent this week, extending its losing streak to four weeks.