The Canadian dollar or loonie has fallen to a 12-year low, closing below the 72-cent US mark for the first time since 2004. Factors that have lead to this decline include a drop in oil prices and the diverging monetary policies of Canada and the US. The loonie is on track for its second-worst year ever. US and Canada imports and export trade deals will be directly impacted by the new exchange rate and could lead to a long standing negative effect on the Canadian economy. Margaret J. Howell and Jose Marcelino Ortiz break down Canada’s currency on The Lip News.