Followers

December 5, 2008

Loonie lowest since 2004

CANADA - The Loonie traded as low as 76.88 cents US today, its lowest level since September 2004, down 1.36 cents from yesterday and below the previous multi-year intraday low set in late October. Late in the morning the currency was at 76.99 cents US.

The Canadian petro-dollar's decline came as crude oil slumped under US$42 a barrel, losing $1.38 to US$41.84 on the New York Mercantile Exchange. The recessionary rout embraces other commodities, with gold down $16.20 at US$749.30 an ounce and copper sagging 8.55 cents to US$1.3840 a pound.

The loonie was further undercut by evidence that the Canadian economy's recent relative immunity to the global economic slowdown has worn off. Statistics Canada reported today that Canada lost 70,600 jobs in November – the worst single-month drop since the recession of the early 1980s – and the jobless rate increased to 6.3 per cent.

"With today's dismal employment report, there is no doubt that the Canadian economy is in recession and the U.S. contraction is accelerating," commented BMO Capital Markets chief economist Sherry Cooper.

Analysts suggest that if oil prices drop below $25 US/barrel that the Canadian dollar will drop to 65 cents, or back to 2002 levels.

No comments:

Post a Comment

Comments containing links will be marked as spam and not approved. We moderate every comment. If you want to advertise on this blog it is $30 per link.

Affordable Website Design & SEO

Looking for a quality professional website designer? Why not go where the smart money is?! Toronto Website Design and Toronto SEO. Get free SEO advice from people who really know the business.

Featured Posts

The Sarcasm Symbol
Ever had some confusion online or with your cellphone when someone fails to catch the sarcasm? Well now with the SarcMark you can ge...
Behold, the Scorpion Hydrogen Supercar
CARS - To the right is the future of supercars... it is a hydrogen supercar called the Scorpion. The Scorpion from Ronn Motors in Texas is t...
Documents show Stephen Harper misusing public funds
CANADA - According to 950+ pages of documents obtained by the Canadian Press under the Access to Information Act the Privy Coun...
Pink's Rosie the Riveter
ENTERTAINMENT - What I like about this video is how it meshes different social movements like feminism, veganism, anti-capitalism...
California's Dustbowl
ENVIRONMENT - The photo on the right is a farm in California that has been put up for sale. Its just one of thousands of farms that are n...
Is Steampunk the New Goth???
GOTHIC - Watch out what you see on the subway late at night because while in 2001 you might have seen some pretty freakish goths, by 20...
Do you have enough Ice Water in your diet?
HEALTH - A Calorie (large C) is a measurement of the amount of energy needed to raise the temperature of a litre of water (1 kg's worth) ...
North Korean timeline towards Inevitable War
POLITICS - The following is timeline of events that have occurred on the Korean Peninsula. 1945 - Japan surrenders to the United States a...
Judgment Day is Tomorrow, so sayeth Cult
RELIGION - According to a cult based in California, Judgement Day is tomorrow (May 21st 2011) and Jesus Christ will return to the Earth a...
Sex in Space Forbidden
SEX/TECHNOLOGY - Sex in outer space is a big no-no according to NASA. Not for professional astronauts at least, but the growing numb...

Popular Posts