Canadian dollar, oil prices fall further

6

TORONTO – The Canadian dollar continued to set fresh 11-year lows Friday as oil traded at levels not seen since the global economy was in the grips of a deep recession.

The loonie was down 0.18 of a cent at 73.18 cents U.S. after the International Energy Agency said Friday that demand for oil will continue to grow next year but more slowly — by 1.2 million barrels per day, down from 1.8 million bpd this year.

It later fell further — to 72.96 cents U.S. — as Finance Minister Bill Morneau announced a “nuanced” approach to keep Canada’s housing market stable by increasing required down payments on house purchases above $500,000.

The last time Canada’s dollar was below 73 cents U.S. was in mid-June 2004.

On equity markets, the Toronto Stock Exchange’s S&P/TSX index was down 166.01 points at 12,850.58, shortly after North American markets opened.

In New York, the Dow Jones average of 30 stocks was down 276.13 points at 17,298.62, the broader S&P 500 index fell 29.37 points to 2,022.86 and the Nasdaq lost 66.89 points to 4,978.28.

On the commodity markets, the January contract for crude was down 81 cents at US$35.95 a barrel, the January contract for natural gas was down five cents at US$1.97 and the February gold contract was up $5.10 at US$1,077.10 an ounce.

6 COMMENTS

  1. This is what the federal liberals and NDP in Alberta have created. You brainless left wing parasites are too stupid to see that your left wing reckless spending has destroyed our economy and investors confidence.

    • if the canadian dollar is worth less that means it costs us more to import oil so that wont change what we see at the pump also gas prices are relatively cheap because of supply and demand most gas stations make low profits per litre because of so much competition stop complaining and learn economics!

    • Well Mat. As I’m self employed. Every penny at the pump counts. Not to mention I live in northern ontario not in a big city where gas seems to be cheaper by at least a dime usually. As for economics. It’s easy. I make a dollar but it cost me more to buy a litre of fuel to get to next job so god damn right I’m gonna complain.

Comments are closed.