Canadian Dollar at Lowest Point in Almost 13 Years
How low can the loonie go?
The Canadian dollar dropped below the 70-cent US level for the first time since May 2003 on Tuesday.
The loonie ended the day at 70.10 cents US, down by about a fifth of a cent after earlier dipping below the 70-cent threshold.
Economists say much of the loonie's weakness is tied to strength in the U.S. dollar and not necessarily because of any economic weakness in Canada
On Jan. 18, 2002, Canada's 158-year-old currency fell to 61.98 cents, its lowest level ever against the U.S. dollar, buoying cross-border shopping trips by Americans.
Adopted in 1858, the Canadian dollar, nicknamed for the bird stamped on its basic coin, has at times reached par with and exceeded the U.S. currency.
The all-time strongest showing of the loonie against the greenback was July 11, 1864, when the U.S. dollar was worth less than 36 cents Canadian, during the turmoil of The Civil War.