Canadian Dollar Reaches Five-Year Low

Canadian dollar falls to 5.5 year low. Photo by Rick

Canadian dollar falls to 5.5 year low. Photo by Rick

The continuing decline in the price of oil is bringing the value of the Canadian dollar down with it, as a barrel of oil plummeted to below $60 last week. The price of oil has not been this low since 2009, while the loonie has not reached this price in 5 and a half years.

The Canadian dollar fell to 86.72 cents on the US dollar, following the steep drop-off in oil prices since OPEC’s decision two weeks ago to maintain production levels at 30 million barrels per day.

West Texas intermediate crude fell one dollar to close at $59.95 a barrel after crumbling by $2 the day before. Brent crude is not far behind, selling for $63.59, a loss of 37 percent in the past three months.

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