Canadian dollar coins are displayed on a map of North America

Loonie at lowest point in more than a decade

Loonie at lowest point in more than a decade as oil and gold under pressure

By The Canadian Press

TORONTO – The Canadian dollar dropped to levels not seen in more than a decade as the price of oil and gold both came under pressure.

The loonie was down 0.47 of a cent at 76.76 cents US. That’s the lowest level since September 2004.

The dollar has been on a downward slide since last summer, when the price of oil started to weaken.

Oil prices dropped below the US$50 mark in trading Wednesday, while gold traded for less than US$1,100 an ounce.

Compounding the loonie weakness was a decision by the Bank of Canada to cut its key interest rate last week.

The central bank’s overnight rate target stands at 0.5 per cent.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Submissions accepted for Anonymous Art Show

Online exhibit hosted by Abbotsford Arts Council in November

Unofficial holidays: Here’s what people are celebrating for the week of Sept. 27 to Oct. 3

World Farm Animals Day, Drink Beer Day and Virus Appreciation Day are all coming up this week

Mission Mayor Pam Alexis to run for the NDP

Will take on Liberal Simon Gibson in the Abbotsford-Mission riding

VIDEO: Mounties looking to catch Chilliwack bike-riding teen groper

Man caught on video slapping the backside of girl near CSS riding a bicycle

Missing Chilliwack woman last seen on Wednesday

Friends and family concerned for Joy-Lynn Leon, 42, who was last seen Sept. 23 on Mary Street

B.C. records 98 more COVID-19 cases, most in Lower Mainland

One new senior home outbreak, Surrey Memorial outbreak over

VIDEO: COVID won’t dampen Lower Mainland woman’s Halloween spirit

Langley’s Tanya Reid posted video offering suggestions of how trick-or-treating might look for her

PHOTOS: 2nd calf in a month confirmed among Southern Resident killer whale pod

Center for Whale Research said they will eagerly await to observe the calf to evaluate its health

2 British Columbians arrested, 3 at large in massive Alberta drug bust

Eight people are facing 33 charges in what police have dubbed Project Incumbent

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

97 distressed horses, cats and dogs seized from farm in Princeton

RCMP assisted as BC SPCA executed search warrant

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Father hopes journey to aviation-safety program inspires hope

Former South Surrey resident Greg Sewell hasn’t given up on quest to mandate older-plane retrofits

Most Read