Canadian loonie: what the world looked like on past lows
The Canadian loonie hit its all-time low on Jan. 21, 2002, sliding to 61.79 cents US. It's now 70.95
The Canadian looniehascontinued its slide, reaching its lowest level yesterday since the summer of 2003. As of late Wednesday, the looniestood at 70.95 cents US.
Today's plunge is being attributed to a prolonged period oflow oil prices and stock market uncertainty, and a housing market that has left Toronto and Vancouver, in particular, off in their own orbits.
It's also a moment when there is a new prime minister for the first time in nearly a decade, whenyet anotherStar Warsmovie was releasedand when the most popular baby names in 2015 wereEmma and Liam.
Here's a look at what the world looked like on four other occasions whenthe Canadian dollar was in the poorhouse:
1.) Feb. 4, 1986: 69.13 cents
On Nov. 15, 1976, the Canadian dollar stood at more than $1 US, but currency markets around the world were alarmed after Ren Lvesque's Parti Qubcois took power in Quebec, and the Canadian dollar(the loonie wasn't yet introduced)began a decade-long slide until it bottomedout at 69.13 US on Feb. 4, 1986.
Prime Minister:Brian Mulroney.
Major events:The U.S. space shuttle Challenger exploded 73 seconds after liftoff from the Kennedy Space Center in Florida on Jan.28, killing seven people on board. On April 26, a reactor at Ukraine's Chernobyl nuclear power plant exploded, sending a radioactive cloud across parts of Russia and Europe.
Popular movies:Tom Cruise starred as Maverick inTop Gun, which brought in nearly $357 millionUS, according to Box Office Mojo. The movie beat out another Paramount flick,Crocodile Dundee,starring Paul Hogan, for the No. 1 spot that year. But it was the Sydney Pollack-directed film,Out of Africa, that swept the Oscars, winning seven Academy awards, including best picture.
Average Toronto house price: In 1986, the average Toronto house sale price was $138,925, according to the Toronto Real Estate Board.
Popular baby names:Michael and Jessica were the most popular baby names in the U.S., according to Baby Centre.
Fashion trends: Power dressing was the major trend that year, according to the fashion magazine Vogue. That meant "bold shoulders, cinched waists and sensible shoes" for women.
That year, Apple the same company behind the sleek iPhone and iPad designs released a fashion lineof brightly coloured, quintessentially 80s wear.
2.) Aug. 29, 1998: 63.11 cents
After 1986, the looniebegan rising fairly steadily until 1991, then tumbled to 63.11 centsUS on Aug. 29, 1998, largely due to the ongoing Asian financial crisis, which started when the Thai baht collapsedand sparked a series of lower commodity prices.
Prime Minister:Jean Chrtien.
Major events: The U.S. president at the time, Bill Clinton, admitted to an affair with Monica Lewinsky. Attacks outside U.S. embassies in Nairobi, Kenya, and Dar es Salaam, Tanzania, killed 224 people and injuredabout 5,000 others on Aug.7.
Popular movies: Director Steven Spielberg'sSaving Private Ryanbrought in more than $481 million US and snagged the title of highest grossing movie that year, according to Box Office Mojo. The Academy awarded best picture for 1998toTitanic.
Average Toronto house price:In 1998, the average Toronto house sale price was $216,815, according to the Toronto Real Estate Board.
Popular baby names:Emily and Matthew were the top baby names in Canada, according to Think Baby Names.
Fashion trends: Carrie Bradshaw, Sarah Jessica Parker's character onSex and the City, which debutedthat year, brought several brands, including Manolo Blahnik shoes,into the mainstream, according to Marie Claire magazine. Britney Spears, meanwhile, set the stage for a style defined by her and subsequent pop starlets, which included belly button piercings and low-rise jeans.
3.) Jan. 21, 2002: 61.79 cents
The dollar fell to its all-timelow on Jan. 21, 2002, according to the Bank of Canada, hitting 61.79 cents US. (Over the next several years, the dollar climbed upwards until it reached its all-time high of $1.103 US on Nov. 7, 2007.)
Prime Minister:JeanChrtien.
Major events: Queen Elizabeth celebrated her golden jubilee, and her mother, the Queen Mum, died in March.
Popular movies: Thescreen version of Spider-Manbrought in nearly $822 million US, according to Box Office Mojo. Its popularity led to two sequels. The Academy Award for best picture that year went toA Beautiful Mindstarring Russell Crowe.
Average Toronto house price:In 2002, the average Toronto house sale price was $275,231, according to the Toronto Real Estate Board.
Popular baby names:Emily and Ethanwere the top baby names in Canada, according to Think Baby Names.
Fashion trends: It was the era of pink velour track suits, partly thanks to Jennifer Lopez and other celebrities who were spotted wearing Juicy Couture's creations. Canadian singer Avril Lavigne's songs picked up steam and teens copied her trademark fashion, like ties over T-shirts.
4.) March 9, 2009: 76.53 cents
Against the backdrop of the 2008 financial crisis, the Canadian dollar dropped to a low of 76.53 cents US on March 9, 2009. It was a steep drop after having spent much of 2008 in the high 90s.
Prime Minister:Stephen Harper.
Major events: The global financial crisis was showing no signs of easing and the U.S. government passeda stimulus package to help the economy recover.
Pop starMichael Jackson died.
Popular movies: TheJames Cameron filmAvatartopped the box office with sales adding up to more than $2.75 billion US, according to Box Office Mojo.
Average Toronto house price:In 2009, the average Toronto house sale price was $395,460, according to the Toronto Real Estate Board.
Popular baby names: Oliviaand Ethanwere the top baby names in Canada, according to Think Baby Names.
Fashion trends: Some of the worst fashion trends that year included shoes with pockets, knee-high gladiator sandals, and leggings as pants, according to Marie Claire.
It was also the year Canadian singer Justin Bieberbecame a household name andhis signature Bieber hair became a thing to mock or mimic.
Corrections
- An earlier version of this story said Steven Spielberg directed Avatar. In fact, James Cameron was the film's director.Jan 07, 2016 7:41 AM ET