The Canadian dollar dropped below 70 cents U.S. for the first time in about four and a half years and only the fourth time in the past 30 years, after a tumultuous week in politics.
The loonie reached a low of US$0.69 on Dec. 17, according to Bank of Canada data.
The drop came just one day after Liberal MP Chrystia Freeland resigned as finance minister, causing political turmoil for Prime Minister Justin Trudeau.
The government also released its Fall Economic Statement on Dec. 16, with a higher-than-expected deficit of $61.9 billion. Freeland had previously promised to keep that number to $40.1 billion.
“The Canadian dollar has faced a combination of headwinds this year that have driven it to a 4.5 year low,” Ballinger & Co FX market analyst Kyle Chapman told The Epoch Times in an emailed statement….