--- title: The Canadian Dollar Is Tanking description: An investment bank expert says the Canadian dollar, already below 70 cents U.S., will fall more than 10 cents more by the end of the year. authors: - name: Martha C. White role: Writer url: https://money.com/author/martha-c-white/ education: BA, English, Princeton University at_money_since: 2015 articles: 350 covers: - Economy and Politics - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Education - Federal Reserve Rate Cuts - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes - Technology published: '2016-01-13T21:18:32.000Z' modified: '2016-01-13T21:18:32.000Z' section: Economy and Politics tags: - canadian dollar - Canadian economy - Currency - Currency Conversion - food prices - grocery prices - pubdesk word_count: 249 canonical: https://money.com/canadian-dollar-tanking/ type: Article source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![160113_EM_CANADIANDOLLAR](https://img.money.com/2016/01/160113_em_canadiandollar.jpg) *1 dollar coin, 1993, Reverse, Great northern loon (Gavia immer), Canada, 20th century* The Canadian dollar is dropping fast, and at least one investment bank is predicting it will hit a record low in 2016. Yesterday, the value of the Canadian "loonie" dropped below 70 cents U.S. for the first time in 13 years, and David Doyle, a strategist at investment bank Macquarie Capital Markets Canada Ltd., said he expected it to drop to 59 cents U.S. by the end of the year. This would be a record low for the loonie, falling below its 2002 trough of just below 62 cents U.S. to the American greenback. That's not good news for our neighbors to the north (or the U.S. companies that make money exporting to them), but Doyle has been right before, [according to the CBC](http://www.cbc.ca/news/business/macquarie-loonie-forecast-1.3401644): He nailed a prediction he made last February that the Canadian dollar would fall below 70 cents U.S. within a year. As it turns out, he was even a month early. A strong U.S. dollar plus low oil prices — bad news for an oil-producing country — put the loonie on the ropes. This is also bad news for Canadian shoppers, [Bloomberg said](http://www.bloomberg.com/news/articles/2016-01-13/canadians-are-going-loonie-on-social-media-about-skyrocketing-grocery-bills). The country imports about 80% of its fresh produce, so a fall in its currency translates to major sticker shock at greenmarkets and on supermarket store shelves. Frustrated consumers are posting pictures of outrageous prices — think $3 for a single, solitary cucumber, or a whopping $8 for a head of cauliflower imported from the United States — on social media sites. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/canadian-dollar-tanking/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Economy and Politics", "item": "https://money.com/economy-and-politics/" }, { "@type": "ListItem", "position": 3, "name": "Forex", "item": "https://money.com/forex/" }, { "@type": "ListItem", "position": 4, "name": "The Canadian Dollar Is Tanking" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/canadian-dollar-tanking/#webpage", "url": "https://money.com/canadian-dollar-tanking/", "name": "The Canadian Dollar Is Tanking", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2016-01-13T21:18:32.000Z", "mainEntity": { "@id": "https://money.com/canadian-dollar-tanking/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/canadian-dollar-tanking/#breadcrumb" }, "dateModified": "2016-01-13T21:18:32.000Z" }, { "@type": "Article", "headline": "The Canadian Dollar Is Tanking", "articleSection": "Economy and Politics", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2016/01/160113_em_canadiandollar.jpg", "width": 2100, "height": 1520, "caption": "160113_EM_CANADIANDOLLAR" } ], "author": [ { "@type": "Person", "name": "Martha C. 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