The Canadian dollar has slipped to its lowest level in five years, with experts predicting it may fall even further below 70 cents, potentially reaching 68 cents.
The market momentum is clearly against the Canadian dollar right now, building ahead of the inauguration of new presidents, impacting imports and exports significantly.
For every penny that the dollar goes up or down affects annual cash flows [by] $7 million a year, making currency fluctuations crucial for companies like Surge Energy.
About 75 per cent of all Canadian exports go to the U.S., and the weakening loonie amid a strong American dollar challenges the Canadian economy.
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