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Loonie drops below 70 cents U.S. for first time in four years

Last Updated Mar 18, 2020 at 8:58 am PDT

Loonies are pictured in Vancouver, Sept. 22, 2011. (THE CANADIAN PRESS/Jonathan Hayward)
Summary

The dollar is plunging along with oil

The Loonie was down one cent to 69.31 cents U.S. as crude plunges 12 per cent to less than $24 U.S. per barrel

Stocks have opened sharply lower on COVID-19 fears, the TSX losing four per cent and the Dow six per cent

TORONTO – Canada’s main stock index took another hit in early trading Wednesday, while the loonie dropped below the 70 cents U.S. mark as COVID-19 fears continued to dominate markets.

The S&P/TSX composite index was down 516.86 points at 12,168.35.

In New York, the Dow Jones industrial average was down 1,255.92 points at 19,981.46. The S&P 500 index was down 141.30 points at 2,387.89, while the Nasdaq composite was down 354.01 points at 6,980.77.

The Canadian dollar traded for 69.15 cents US compared with an average of 70.55 cents US on Tuesday.

The May crude contract was down US$2.93 at US$24.40 per barrel and the April natural gas contract was down 7.7 cents at US$1.652 per mmBTU.

The April gold contract was down US$17.30 at US$1,508.50 an ounce and the May copper contract was down 15.35 cents at US$2.1600 a pound.