Declining oil and commodity prices pushed the Canadian dollar to its lowest point against the U.S. dollar in over a year. In the past week alone, the Canadian dollar – known as the “loonie” – fell more than 3 percent to C$1.0567 per U.S. dollar at 7:59 a.m. in New York.
“Concerns are now fully spilling into recession fears,” said Tom Levinson, a currency strategist at ING Groep NV. “That’s clearly bad for commodity currencies and exporters.”
