A day after setting a new 11-year low, the Canadian dollar today shed another half-cent to 73.57, while the benchmark Toronto stock index slid to a two-year low.

Crude oil prices have declined since last week after OPEC effectively said over the weekend that it would no longer limit the amount of oil it was willing to sell on the market. In practice, that says the oil cartel is prepared for a race to the bottom on prices in order to keep its market share at any cost, and drive more expensive North American oil companies out of business.

The loonie is also moving lower against the backdrop of the U.S. Federal Reserve getting ready to raise rates as early as next week — something that would likely send the loonie even lower.

Bank of Canada governor Stephen Poloz delivered a speech on monetary policy [on December 8th] saying that he would consider dropping interest rates into negative territory, if needed, to stimulate the economy...

This has been excerpted from 8 December 2015 article by the CBC News.