If the price of oil stays low, we can expect the Canadian dollar to remain low.
That coming from UNBC Economics Professor Paul Bowles as the loonie finished at 81 cents below the US dollar on Friday.
Bowles says what’s happening with the US dollar also influences the Canadian dollar.
He says uncertainty in Europe’s economy is also pushing people to buy US dollars.
“Now considering the exiting of Greece from the Eurozone and what the impacts from that will be, a crises in Europe” says Bowles, “tends to lead people into safer currencies, such as the US dollar and that pushes it up relative to the Canadian dollar.”
Bowles says it difficult to say if the dollar will remain where it is, depending on what happens with the price of oil.
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