Canadian dollar plummets after months of losing value
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The Canadian dollar lost five cents in value compared to the U.S. dollar in one day last month.
It dropped on Jan. 21 after the Bank of Canada lowered its benchmark overnight interest rate from 1 percent to 0.75 percent. The benchmark rate determines bank lending rates, and lowering it is one tool central banks use to increase money supply. The Bank of Canada cut rates in response to the drop in oil prices.