The Canadian dollar is trading against the U.S. dollar at levels not seen since 2020 as the combined pressures of economic outlooks, elections, and energy prices weigh. Here’s what you need to know.
What’s Happening With the Canadian Dollar?
Canada’s currency sunk just below 72 cents US on Monday for the first time in more than four years, breaking through the 72 to 76 cent band it has been trading within in recent months.
The loonie fell further on Tuesday, and continued to inch down on Wednesday, closing at 71.86 cents US.
The lower loonie should help industries like tourism because it can encourage more Americans to travel north to get more bang for their buck, but for anyone travelling to the U.S., or buying things in U.S. dollars, it means paying more….