Canadian Dollar Drops Below 80 Cents

The uncertainty surrounding global economic conditions is being balked for the sinking loonie as the Canadian dollar fell below 80 cents U.S.

In early trading today, the Canadian dollar was down 2.25 cents to 79.15 cents U.S.This is the first time in the past several weeks that the loonie has fallen below 80 cents. The lack of a sense of certainty surrounding the global economic climate is being touted as the reason and s traders continue to look for safe investment havens. George Davis is chief technical analyst at RBC Capital Markets. Davis sees no reassurance from a meeting of G7 finance ministers and central bankers, from which there emerged little or no economic policy changes. Moody's overnight highlights risks to the European banking system has put additional downward pressure on the price of oil and stock markets. The negative sentiment drove the the American dollar upward, as investors move to it as a safer currency bet.