The Canadian Dollar had taken another nose dive by the time Wednesday afternoon rolled around, and it closed under 80 cents U.S.
Jalil Safaei is an Economics professor at UNBC and says the main reason for the drop is perhaps an obvious one:
“There is less demand for our commodities – mainly our oil, and that’s why you see that the oil prices have declined significantly”
He also mentions that the drop in interest rates is not going to help matters, and says the last time he remembers the dollar below 80 cents was in 2002 or 2003 when it was around 62 cents U.S.
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