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Loonie drops to lowest level in more than a decade

(iStock Photo)
Summary

Canadian dollar, oil and the TSX fall on the markets

Oil prices fall to lowest levels since April

TORONTO – The Canadian dollar ended the day at 76.70 cents US, down 0.53 of a cent from Yesterday’s close and it’s at its lowest level since 2004.

The Toronto stock market suffered another session of declines as oil closed below $50 for the first time in several months.

The S&P/TSX composite index lost 69.12 points at 14,307.12, dragged down by weakness in both the energy and resource sectors.

Oil prices settled at the lowest level since April, dropping $1.67 to US$49.19 for the September contract. The latest weekly figures from the U.S. government showed that oil supply inventories unexpectedly rose last week.

The August natural gas contract rose 1.5 cents at US$2.897 while August gold lost US$12 at $1,091.50.

Meanwhile, the Canadian dollar lost 0.53 of a cent to 76.70 cents US, closing at a level it hasn’t reached since Sept. 1, 2004.

In the U.S., the Dow Jones industrial average dropped 68.25 points at 17,851.04 while the Nasdaq fell 36.35 points to 5,171.77. The S&P 500 dipped 5.06 points to 2,114.15.