For the past year, the Canadian dollar has been weakening – falling from above parity with the greenback at the beginning of 2013 to its current price of US91.5¢.
The loonie has lost 2.4% of its value this week alone, and Goldman Sachs predicted last year that it would reach US88¢ within a year.
For Canadian miners with operations in Canada, there’s an upside and a downside to a weaker loonie, says Jürgen Beier, national mining leader at professional services firm Deloitte Canada.
On the upside, because all commodities are priced in U.S. dollars, they will get more Canadian dollars for every ounce of gold or pound of copper they sell …
Continues reading this story at MiningMarkets.ca/news/sliding-loonie.
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