The loonie is trading at its lowest intraday level since late 2011. (Jonathan Hayward/Canadian Press)
The Canadian dollar lost more ground on Monday, falling to its lowest intraday level in more than two years.
In the afternoon, the loonie was changing hands down 0.18 of a cent at 93.98 cents US, just shy of
its close of 93.93 cents US on June 30, 2010. Earlier in the day, it traded as low as 93.86 before recovering some ground.
its close of 93.93 cents US on June 30, 2010. Earlier in the day, it traded as low as 93.86 before recovering some ground.
That's the lowest the loonie has traded since October 2011. It is the first time the loonie has closed below 94 cents in more than three years.
'There is a high correlation between the price of oil and the Canadian dollar'- CIBC portfolio manager Jennifer Dowty
After repeatedly trading above parity in recent years, consensus has turned for the loonie, with some watchers saying Canada's dollar could fall a lot more. Goldman Sachs predicted last week the loonie will trade in the high 80-cent level next year.
"The momentum for the Canadian dollar is moving one way for the last three months: lower," Forex Live currency analyst Adam Button told CBC News in an interview.