Canadian dollar drops to lowest level since 2004

The Canadian dollar dropped to levels not seen in more than a decade as the price of oil and gold both came under pressure.
The loonie was down 0.47 of a cent at 76.76 U.S. Cents today. That's the lowest level since September 2004.
The loonie has been on a downward slide since last summer, when the price of oil started to weaken.
Oil prices dropped below the USD 50 mark in trading today, while gold traded for less than USD 1,100 an ounce. Compounding the loonie weakness was a decision by the Bank of Canada to cut its key interest rate last week.

The central bank's overnight rate target stands at 0.5 per cent.