Canadian dollar drops to 77 cents U.S.

The Canadian dollar sank to its lowest level in nearly 11 years as the Bank of Canada cut a key interest rate to try to restart a sluggish economy.

The loonie was hovering around 77 cents compared to the U.S. dollar at the end of the trading session on Wednesday, July 15. It hit the lowest level for the Canadian dollar since since September 2004. It was a one-cent drop from the day before and came after the Bank of Canada announced it was lowering its benchmark overnight interest rate to 0.5 percent.