Loonie's Buying Power Dwindles as Crude Oil Prices Fall

The value of the Canadian dollar continues to dwindle as crude oil prices tumble. At roughly $38 per barrel, oil prices are the lowest since 2009 and Canada's economy is suffering.
 
Canadian dollars are at their lowest value compared to United States currency since 2004. Right now, the loonie offers 74 cents of buying power for every American dollar. The development follows the wake of a Scotiabank announcement in November predicting the Canadian dollar would be worth less than 80 cents through 2017.
 
Stocks sagged once more in reaction to Monday's economic news. The nation's main index, the S&P/TSX, lost more than 300 points and threatens to dip below 13,000 by day's end.