The Loonie Swoons

Stephen L Kanaval |

At a recent Halifax Chamber of Commerce meeting Bill Morneau, the Canadian Finance Minister, said that the projections of slow growth were overstated. The fall of oil prices has directly affected the Canadian economy and now the administration of Prime Minister Justin Trudeau is admitting their disappointment.

The loonie took a crushing against the dollar on Tuesday. The U.S. dollar traded at its highest level against the Canadian dollar since March 2003. Morneau in that same speech said that investments in the country’s infrastructure and tax cuts for middle-income earners would lead to the growth that the administration projected. However, many market strategists see the slump of China and Europe will cause an even bigger downturn in the resource-reliant Canadian economy.

Canadians are very concerned about the rising costs of food and products due to higher import prices from the falling loonie. Morneau refused to answer questions from reporters at the meeting about a more comprehensive stimulus package.

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