Value of loonie drops below 92 cents U.S.

Jan. 11, 2014 at 4:48 PM

OTTAWA, Jan. 11 (UPI) -- The value of the Canadian dollar has dropped below 92 cents U.S. due to recent job losses, officials say.

The Canadian dollar, or loonie, was valued at 91.36 cents American Friday morning, down from 92.20 cents Thursday, the Canadian Broadcasting Corp. reported.

A loss of 45,900 jobs throughout Canada in December has been named as one of the reasons the value of the loonie is dropping. Canada's unemployment rate jumped to 7.2 percent in December from 6.9 percent in November.

The last time the Canadian and U.S. dollars were valued the same was in February 2013.

"I don't think it's just a Canadian dollar story -- it is partly a U.S. dollar story," Royal Bank of Canada chief economist Craig Wright told CBC News. "The U.S. outlook, notwithstanding the employment numbers, is looking better. The Fed has moved towards tapering which looks like growth that has helped the U.S. dollar gained ground against a number of currencies."

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