Newspaper article The Canadian Press

Five Things to Know about the Low Canadian Dollar

Newspaper article The Canadian Press

Five Things to Know about the Low Canadian Dollar

Article excerpt

Five things to know about the low loonie

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TORONTO - The Canadian dollar closed Wednesday at its lowest point against the U.S. greenback since July 2003. Here are five things to know about the low loonie:

Oil shock: Analysts say the loonie has lost value against the American dollar and a number of other currencies because of the big fall in oil prices, since the commodity is of major importance to the Canadian economy.

Here to stay: Oil has fallen from above $105 in July 2014 to below $35 amid a global supply glut. The OPEC cartel's determination to maintain high production rates despite a slowing world economy means continuing pressure on oil prices and, by extension, the Canadian dollar.

Grocery woes: A cheaper Canadian dollar means higher grocery prices as the loonie buys less of the food we import, especially from the United States. …

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