Loonie’s value plummets against U.S. dollar. Who does it hurt? [Video]

Toronto –

The Canadian dollar is trading against the U.S. dollar at levels not seen since 2020 as the combined pressures of economic outlooks, elections, and energy prices weigh. Here’s what you need to know.

What’s happening with the Canadian dollar?

Canada’s currency sunk below 72 cents US this week for the first time in more than four years, breaking through the 72 to 76 cent band it has been trading within in recent months.

It closed Tuesday at 71.89 cents US after falling just under 72 cents on Monday. As of midday Wednesday it had inched a little lower, to 71.85 according to XE.com.

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The lower loonie should help industries like tourism because it can encourage more Americans to travel north to get more bang for their buck, but for anyone travelling to the U.S., or buying things in U.S. dollars, it …