Open trading account 
Canadian dollar has been suffering as oil prices tumbled and gold remained near its bottom. The BoC surprised markets and dropped its lending rate earlier this week. The Canadian Dollar came under pressure from a fall in crude oil prices. The value of the commodity fell as worries increased that oil production in Organization of Petroleum Exporting Countries (OPEC) increased to a two-and-a-half year high of 31.22 million barrels per day. Production in the US is also expected to continue to increase despite data released last week showing that a few US oilrigs went idle.
Small- and medium-sized businesses may not see much benefit from the Bank of Canada’s most recent interest rate cut, economists say. Some predict the drop in the Canadian dollar that followed
Wednesday’s rate cut could actually prove harmful to the large number of businesses that rely on imports. After the Bank of Canada announcement to cut the overnight rate by 25 basis points to 0.5 per cent, the loonie fell more than one cent to a six-year low
Small- and medium-sized businesses may not see much benefit from the Bank of Canada’s most recent interest rate cut, economists say. Some predict the drop in the Canadian dollar that followed
Wednesday’s rate cut could actually prove harmful to the large number of businesses that rely on imports. After the Bank of Canada announcement to cut the overnight rate by 25 basis points to 0.5 per cent, the loonie fell more than one cent to a six-year low