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Thursday, May 20, 2010

Canadian Mortgage Broker News - The Canadian dollar continues its downward plunge

Canadian Mortgage Broker News - The Canadian dollar continues its downward plunge

The Canadian dollar continues its downward plunge

| Thursday, 20 May 2010



The loonie, which was worth approximately 94.22 cents US, is now down 1.55 cents from the close on Wednesday.


In little over a week, Canada's dollar has fallen close to four cents and nearly seven cents since last April, when it was worth about $1 dollar US. The fallout from the Greece debt crisis has affected the loonie's recent drop.


There are growing fears that the global economic recovery will be hindered as the European Union continues with their effort to help Greece and other member countries.


This could result in lower demand for commodities which are key to the Canadian economy.