LOONIE SINKS TO 11-YEAR LOW AS OIL, GOLD PRICES FALL

Jul 22, 2015

By Bob Komsic

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The last time the Canadian dollar was trading in this neighbourhood, you’d have to go back to September 2004.

The loonie closed Wednesday down more than half-a-penny, at 76.70 cents U.S.

There are three reasons for this – falling oil and gold prices along with the recent move by the Bank of Canada to cut its key interest.

oil_dollar

Based on that same economic forecast by the central bank, the parliamentary budget office has re-crunched the numbers.

The Harper government will not like what the budget watchdog has to say.

It believes Ottawa will stay in the red in the 2015-16 fiscal year and run smaller-than-expected surpluses of $600-million and $2.2-billion the next two years.

In its April budget, the government projected a $1.4-billion surplus for this election year.

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