Canadian dollar falls to 11-year low
Posted August 4, 2015 4:11 pm.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) – As the loonie hit an 11-year low today, closing below 76 cents, there doesn’t seem to be much hope for people hoping it will go back up.
Central 1 Credit Union Economist Brian Yu says when we see downward momentum, it typically persists. “What we’re looking at is gradual decline into 2016 before we see some sort of a pickup.”
He says don’t bother basing trip planning around the loonie increasing in value. “All you can really expect is the Canadian dollar to be around current levels, there isn’t much pressure for it to go back up unless we see some big spike in economic sentiment or oil prices.”
Most economists are predicting another Bank of Canada lending rate cut over the next year, which will likely push the loonie even lower.
The dollar closed today at 75.87 cents US, down more than half a cent from Friday’s close.
