Canadian Dollar Closes Under 73 cents, Lowest Value in 11 years

Canadian Dollar Closes Under 73 cents, Lowest Value in 11 years

Maybe hold off on that trip to the U.S. a little bit longer. The Canadian dollar closed today at 72.70 cents U.S., its lowest value in 11 years.

Falling oil prices and the fragility of Canada’s resource-based economy are being looked at as contributing factors, as the price of oil fell to less than $36 a barrel.

Looking at the Bank of Canada’s exchange rate chart, today’s close marks the lowest Canada to U.S. exchange rate since mid-2004. In August, it was valued at 76.16 cents U.S., which was the previous record low.

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