Canadian dollar closes under 73 cents, lowest value in 11 years

Maybe hold off on that trip to the U.S. a little bit longer. The Canadian dollar closed today at 72.70 cents U.S., its lowest value in 11 years.

Falling oil prices and the fragility of Canada’s resource-based economy are being looked at as contributing factors, as the price of oil fell to less than $36 a barrel.

Looking at the Bank of Canada’s exchange rate chart, today’s close marks the lowest Canada to U.S. exchange rate since mid-2004. In August, it was valued at 76.16 cents U.S., which was the previous record low.