Canada's currency slipped slightly during the end of the holiday season. The Canadian Times reports that the loonie dropped "0.08 of a cent to 93.34 cents" against the greenback because of the lack of financial activity and data in Canada following Christmas. This mark's a new low for the Canadian monetary unit. However, that figure is expected to change once new U.S. housing data becomes available.
The slight drop is in line with the loonie's recent struggles. In a separate report, the Canadian Times notes that the loonie's value plummeted 0.75 of a cent to 93.42 cents US on Dec. 27. This was the lowest value since February 2010.
This is somewhat disappointing as the loonie had an opportunity to make gains against a weakened greenback. The U.S. currency has been struggling as of late because there were concerns that it's value had been overestimated, mostly in comparison to the euro. Allan Small, a senior investment adviser of the Allan Small Financial Group with HollisWealth, explained to the news source that this will likely be a continuing trend in 2014.
"We're getting better but we're not firing on as many cylinders as the United States. Therefore their dollar is a lot stronger than ours and that's why you're seeing some Canadian weakness," Small said.
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