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Loonie's Longest Losing Streak Since 1971 Portends More Losses

  • Drop in crude oil, economic slack undermine Canada's dollar
  • Bets central bank will cut rates next week reach 61 percent
Updated on

The Canadian dollar is on its longest losing streak since at least the 1970s as speculation mounts that the central bank will cut interest rates back to the record low only seen amid the 2009 financial crisis, with almost nothing left to drive the country’s economy.

The currency has allen for 11 straight days against the U.S. dollar through, the longest run of daily losses since the country ended its currency’s peg to the greenback and let it trade freely in 1971 . The streak surpassed a nine-day run in April 2005, and Friday touched an almost 13-year low.