TORONTO, Aug. 9 (UPI) -- The Canadian dollar has reached a one-year low as the currency has become caught up in the growing economic crisis facing much of the world, experts say.
Firas Askari, BMO Nesbitt Burns Inc. head of foreign exchange trading, said the worldwide currency crisis is expected to cause the Canadian dollar to decline from Friday's value of nearly $0.94 to $0.91 later this year, The Toronto Globe and Mail said.
Oddly enough, Askari said, is the fact the U.S. dollar is gaining in value worldwide despite its earlier decline during the start of the growing crisis.
"We're entering into our downturn as well as Europe, while the U.S. might be stabilizing. They're ahead of us in the curve," the trade official said. "My sense is that the U.S. went through an awful few months, and we're just entering those few months now."
The Globe and Mail said after enduring the initial economic decline, the U.S. dollar strengthened dramatically Friday.
