The loonie is taking a tumble.
For the first time since 2004, the Canadian dollar has dropped below 77 cents U-S.
CKNW business analyst Robert Levy says we have the sliding price of oil to blame, along with a strong US dollar, and the risk of raised Bank of Canada rates this fall.
But Levy says it’s not all bad news for the economy.
“It’s certainly positive because this how Canada gets into the export game again, because it makes our goods that we produce here at home cheaper on the global market. The only unfortunate thing is that it takes time for our manufacturing base to rebuild, so we don’t see an immediate benefit.”
Boosts will also likely come in the real estate sector thanks to foreign buyers, and increased tourism.