Canadian dollar slips below 70 cents U.S., first time in 13 years

The Canadian dollar fell below 70 cents U.S. on Tuesday for the first time since April 2003.

The Canadian dollar fell to 0.6996 cents U.S. in the morning of January 12, a thirteen year low. Oil and gas continues to drop as well, with a barrel of crude oil trading at $31.41, a more than five per cent dip.

The loonie has been consistently falling in the past month. In December, the loonie dropped below 72 cents for the first time in 11 years, and just last week, it dipped below 71 cents for the first time since August of 2003.

On January 12, 2015, the Canadian dollar was worth 84 cents U.S. The Canadian dollar’s all-time low was 61.79 cents U.S. in January of 2002.