Loonie plunges below 72 cents for first time since May, 2004
Summary of article:
The Canadian loonie drops to rate of almost 72 cents US after the year of 2004. The economists do predict that the loonie will drop to about 70 cents very soon as well. The Canadian currency has dropped in rates due to the American dollar being strong and worth more and their success in global trade has made them successful. Unfortunately Canada has been very weak in the global market for the exporting crude oil, gas etc. and the commodity prices have dropped and made the Canadian economy and government unsuccessful. This is also affecting the US because there are now less Canadians travelling across the border to US for holidays and vacations because Canadians do not want to spend more money on travelling. Since the currency rate dropped, it makes US products and travelling expenses more expensive. The Canadians are now travelling more within Canada and less in the US.
By: David Bateman Staff Reporter,
Published on Thu Dec 17 2015
Source: The Star
http://www.thestar.com/business/2015/12/17/canadian-dollar-plunges-lower-against-us- dollar.html
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