Will gas prices go up with a weakening Canadian dollar? [Video]

The Canadian dollar has plummeted recently, reaching a four-year low last week versus the US dollar.

It has gained some ground over the past few days, but still remains quite low compared to recent months and periods over the past few years.

The Canadian dollar traded for 71.63 cents US Thursday compared with 71.46 cents US on Wednesday.

Katherine Judge, director and senior economist with CIBC Capital Markets, recently told The Canadian Press that she expects the Canadian dollar to hover around current levels for the remainder of the year.

“We haven’t seen these levels in a long time. I think we have certainly breached a level that is worrisome,” Judge said.

“There’s a lot of factors at play and a lot of uncertainty over the next few months.”

A weak loonie has impacts on numerous areas of the Canadian economy.

Many consumers may not be fully aware of the …