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article imageCanadian Dollar Trading Below 80 Cents U.S.

By Bob Ewing     Oct 22, 2008 in Business
The Loonie is being pulled down by falling world markets and declining oil prices and is trading below 80 cents U.S. today.
The Canadian dollar, was riding high in late 2007 but today it tumbled a long way down to trade as low as 79.80 cents US. Once at an all time high of 110.31 cents US in late 2007, the Canadian has fallen due to tumbling world markets and falling oil prices.
Shaun Osborne is currency analyst TD Securities and claims the Canadian dollar is weak in comparison to other major currencies.
"It's been really quite a turbulent few weeks for the Canadian dollar, we haven't seen moves like this since in the foreign exchange markets for a number of years - since the early 1970s in fact," Osborne said.
Oil prices also dropped dramatically, falling $3.23 to US$68.95 a barrel on the New York Mercantile Exchange.
In Toronto, the S&P/TSX composite index retreated 253.9 points or 2.5 per cent to 9,548.4 in early trading, following a 456-point drop yesterday.
In New York, the Dow Jones industrial average fell 199.4 points to 8,834.2 after losing 232 points on Tuesday.
The Bank of Canada has said the global economy appears to be heading into a mild recession, led by a U.S. economy already in recession.
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