Canadian dollar hits new low below 79 cents

January 30, 2015

The Canadian dollar hit a six-year low Friday after a report showing Canada’s GDP fell 0.2 per cent in November.

The loonie was trading at 78.53 US cents at 2 p.m. ET, down 0.79 of a cent from Thursday's close.

The currency had gone as low as 78.22 cents US, its lowest level since mid-March 2009, in morning trading.

Toronto stocks initially slumped, but the TSX was up 57 points at 14694 by early afternoon...

Manufacturing and mining, quarrying, and oil and gas extraction all showed weakness in the October to November period, according to Statistics Canada...

Oil was having a better day Friday, with the Brent crude contract in Europe trading above $50 US a barrel and West Texas Intermediate crude trading in New York at $45.77, up by $1.30.

Economic data out of the U.S. was disappointing, with fourth-quarter growth coming in at 2.6 per cent, lower than expected...

This has been excerpted from the 30 January 2015 article by the CBC News.

Topic(s)

International Trade and Border Management

Information source

Canadian News Channel

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