Loonie plunges to six-year low
TORONTO — The Canadian dollar fell to its lowest level in more than six years on Wednesday after the Bank of Canada cut its key interest rate and lowered its forecast for the economy. The loonie ended the day at 77.40 cents US, down 1.09 cents from the previous day's close, a level not seen since March 2009 when Canada was in the midst of a deep recession. Stephen Carline, managing director and head of equities at CIBC Asset Management, said the move wasn't entirely unexpected, although some market watchers had expected rates to remain flat. The dollar's slide, he said, mirrored the one following January's rate cut.