Brenda O’Farrell
Investing.com – The CAD/USD dipped below 75 cents U.S. Thursday for the second day in a row this week, hitting its lowest point since June 2019.
The loonie hit 74.86 cents against the U.S. greenback at 2:30 p.m. Eastern, as oil prices continued to fall and fears over the worldwide spread of the coronavirus continued to rise. Oil dropped about 3% Thursday, a level it has not seen since early January. The drop in oil prices is also being fuelled by fears of a possible coronavirus pandemic that will further dampen the demand for oil, one of Canada’s major export.
Global crude prices today hit lows seen only briefly in December 2018 and in mid-2017.
The lowest the Canadian dollar has hit was recorded on Jan. 21, 2002, when it dropped to $0.6179 against the U.S. dollar.