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Canadian dollar dips below 70 cents US for first time since March 2020

  • The Canadian dollar dipped below $0.70 US on Tuesday, the first time it has done so since the onset of the COVID-19 pandemic in March 2020, according to Bloomberg data.
  • Finance Minister Chrystia Freeland announced her resignation from Prime Minister Justin Trudeau's cabinet earlier this week.
  • The federal government revealed a $61.9 billion deficit for the 2023-2024 fiscal year, exceeding its deficit target by more than $20 billion.
  • The loonie's decline is linked to political uncertainty and the Bank of Canada's aggressive interest rate cuts, as well as potential tariffs by U.S. President-elect Donald Trump.
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Bank of CanadaBank of Canada
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Canadian EconomyCanadian Economy
InflationInflation
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