Loonies Lost Value in Global Marketplace
Canadian dollar dependent on global oil demand and other natural resource commodities
A drop in oil prices is having a serious impact on the value of the Canadian dollar. The Loonie has been hovering around 72 cents compared to a U-S dollar. The drop in value comes on the tail of a recession last year and an unemployment rate in Windsor that is the highest in Canada at 9.4 percent. Shaun Osborne is Chief Foreign Exchange Economist with Scotia Bank in Toronto. He tells WDET’s Amy Miller that with the Canadian economy largely based on oil, agriculture, timber and metals the exchange rate tends to be cyclical.
To hear the entire interview, click on the audio link above.
