0722loonie.jpg

Loonie drops to lowest point in more than a decade as oil and gold buckle under pressure

The Canadian dollar dropped to levels not seen in more than a decade on Wednesday as the price of oil and gold both came under pressure.

TORONTO – The Toronto stock market suffered another session of declines on Wednesday as oil settled below $50 the very first time in several months and also the loonie tumbled to its minimum in more than the usual decade.

The S&P/TSX composite index lost 69.12 suggests end at 14,307.12, dragged down by both energy and resource sectors.

Meanwhile, the Canadian dollar lost 0.53 of the cent to shut at 76.70 cents US, an amount it hasn\’t reached since Sept. 1, 2004.

Related