Markets aren't exactly bouncing back from the global financial crisis that began in the US several weeks ago. The Canadian dollar is dropping, to a rate lower than it has been in over three years. The only bonus: lower gas prices. So, while financial experts and stock brokers may be freaking out, regular people are happy enough to have affordable gas again.
The Canadian dollar briefly fell below 80 cents US on global currency markets on Wednesday, while North American stock markets began the day weakly.
The loonie later traded at 80.06, off 2.33 cents US from Tuesday's finish. The dollar hasn't closed under 80 cents U.S. since the middle of June 2005.
The loonie shed 1.38 cents on Tuesday, after the Bank of Canada cut the target for the overnight rate by one-quarter of a percentage point.
The Canadian dollar has been under pressure as investors move back into the U.S. dollar and oil prices continue to retreat.
So what is going on?? Well, the global markets aren't doing well. And Canadians are feeling different effects.
My advice: Talk to your financial planners. Also, stockpile gas. Who knows when it'll be cheap again.
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