22 January 2008

Loonie drops to four-month low

The following article is excerpted from the 21 January 2008 edition of the “Toronto Star”.

The Canadian dollar fell under 97 cents US on Monday, its lowest point in months, as the Toronto stock market suffered one of its biggest one-day declines ever amid fears a U.S. recession will batter the Canadian economy.

The loonie fell by more than half a cent at one point, hitting 96.75 cents US – the lowest since mid-September – before regaining some of its lost value.

It closed at 96.81, down 0.52 cent. That's the lowest close since Sept. 12.

The dollar is now down more than 13 cents since setting an all-time high of about 110.3 cents US in mid-November….