The Canadian dollar continues to fall in the wake of a stern warning from a senior official of the Bank of Canada about the economic downside of a sharply higher currency.
The currency dropped about six-tenths of a cent this morning to 102.86 cents US after falling almost eight-tenths of a cent Wednesday.
The loonie has been on a downward track since hitting a record high a week ago of just over 110 cents US, at the same time oil prices were creeping closer to US$100 a barrel.
But it got an extra push Wednesday after Bank of Canada official Paul Jenkins said the dramatic rise in the loonie this year is putting Canada's economic growth in peril.
The bank's senior deputy governor told the Ontario Economic Summit in Niagara-on-the-Lake, Ont., that while domestic demand in the economy remains strong, it is uncertain how long that momentum can last if the loonie continues to reside in the currency stratosphere.
As of last week, the Canadian dollar was up about 25 per cent this year.
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15.11.2007 22:11
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