TORONTO – Canada’s dollar dipped below 70 cents U.S. on Tuesday for the first time in nearly 13 years.
The currency’s value fluctuates on a minute-by-minute basis but fell to as low as 69.89 cents U.S. before noon ET.
It was the first time the loonie was below 70 cents U.S. since the spring of 2003, according to Bank of Canada data.
The currency has been sinking for some time as a result of lower oil prices and other factors and fell below 71 cents U.S. for the first time in more than a decade last Wednesday.
The loonie is heavily influenced by the global price for oil, one of the country’s major exports.
Crude oil futures were trading just above US$30 a barrel, another multi-year low, as the loonie sank Tuesday morning.
The currency’s historic low is 61.79 cents U.S. — set in January 2002 — but it hit an all-time high of 110.3 cents U.S. in November 2007 as Canada’s resource-heavy economy benefited from global demand for its exports.
The last time Canada’s dollar was worth more than the greenback was about three years ago, in February 2013.