The Canadian dollar dipped below $0.70 US on Tuesday, the first time it has done so since the onset of the COVID-19 pandemic in March 2020.
The dollar's decline is set against a weakened economy facing the threat of a 25 percent tariff on imported goods by U.S. president-elect Donald Trump.
The loonie's performance has become more Canadian-specific, tied to political uncertainty and the Bank of Canada's cuts to interest rates.
Douglas Porter expressed concerns about the loonie weakening further until there's relief from tariffs or improvement in economic conditions.
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