Weak Canadian dollar sets new 11-year low

The tumble of oil and other commodity prices continues to weaken the Canadian dollar, which posted a new 11-year low on Tuesday, Dec. 8.

The Canadian dollar finished the trading day at 73.6 cents compared to the U.S. dollar, its lowest level since June 2004. With oil prices bouncing around just under $40 a barrel and a strengthening U.S. dollar, the loonie continues to be hit hard, dropping 14 cents in the past year when compared to the American currency.