The Loonie Dives to Its Lowest Since 2004
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Bank of Canada Governor Stephen Poloz has sparked a fire sale on the Canadian dollar.
The currency plunged as much as 0.5 percent to C$1.3103 against its U.S. counterpart, the lowest on an intraday basis since September 2004. It fell after a private gauge of Chinese manufacturing dropped to the lowest in 15 months, signaling decreased commodities demand. The loonie, as the Canadian dollar is known for the image of the aquatic bird on the C$1 coin, has tumbled since the central bank cut its benchmark interest rate on July 15 for the second time this year.