The Canadian dollar hit its lowest point in 11 years to since August 2004 closing at 75.87 vents US or down by 58 cents from Friday’s close.
Economist said with a pessimistic global forecast, investors foresee less demand for raw materials and energy including oil that Canada exports.
“We’re in an environment where there is excess supply, very low demand and that translates to weak commodity prices and weak stocks, Ian Nakamoto, research director of 3Macs, a wealth management company.
With less demand for Canadian energy and mining and a recovering American economy, he said, the Canadian dollar becomes less valuable against the greenback.
