Persistent downward pressure in Crude Oil has continued to exert downward pressure on the Canadian Dollar. Canadian GDP came in at -.08% for the first quarter of 2015 and -.05% for the second quarter. The oil rich provinces of western Canada are seeing higher unemployment as the energy industry sheds jobs.
“The Canadian dollar will stay below 80 U.S. cents over the next two years, Caranci said. The currency hit its lowest since 2003 on Tuesday, with one U.S. dollar buying C$1.4019 and the Canadian dollar buying about 71.33 U.S. cents,” according to Bloomberg.
CurrencyShares Canadian Dollar Trust
