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Canadian Dollar Falls to 11-Year Low as Oil Economy Falls Apart

  • Currency falls against most majors as OPEC ends output limits
  • Loonie has already weakened 15 percent in the past 12 months
Updated on

The Canadian dollar dropped to the weakest level in more than 11 years on speculation the nation’s oil-dependent economy will suffer from a global crude glut.

The currency weakened against most of its major peers as crude oil prices fell below $40 after the Organization of Petroleum Exporting Countries effectively abandoned its long-time strategy of limiting production to control prices after a meeting on Dec. 4. Data showed last week Canada’s unemployment rate unexpectedly rose last month, and the merchandise trade deficit widened more than forecast.