Loonie hits 47-year high
THE CANADIAN PRESS
The seemingly unstoppable Canadian dollar traded at a 47 1/2-year high Monday, hitting 104.69 cents US late in the morning.
That’s a gain of three-quarters of a U.S. cent since Friday as the currency hit a level unseen since early 1960 – when John Diefenbaker was prime minister and Dwight Eisenhower was still in the White House.
The loonie has risen more than 18 cents US this year, as several factors converged to drive it to parity with its U.S. counterpart and beyond, including record-high oil prices and a weak greenback.
Another element hurting the U.S. dollar, in relation to the loonie and other currencies, is the likelihood that the U.S. Federal Reserve will cut interest rates again this week in an attempt to boost the American economy.
