020 7898 0500- Wednesday saw the Canadian dollar fall to its lowest point in more than five years. This was largely due to the fact that prices for crude oil fell to levels that may endanger the country’s largest and most prolific export. The currency fell against a basket of other major currencies, including its US counterpart as dimming prospects for worldwide demand and increased oil supply pushed the price of oil down below $85 a barrel, the lowest in over four years. The knock-on effect on the Canadian dollar was that it fell almost a percent against the US dollar, trading at C$1.1385 per dollar. Bipan Rai, head of CIBC World Markets Inc, left little suggestion as to whether this trend would continue, stating that the Canadian dollar’s recent performance is linked directly to the current meltdown in crude oil markets.
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