The Canadian dollar experienced its largest single-day gain in over a year following Prime Minister Justin Trudeau’s announcement Monday that he would step down.

Loonie drops below 70 cents U.S. in late-morning tradinghttps://t.co/BXQhlf9dln pic.twitter.com/TkOd571Quu

— CP24 (@CP24) December 17, 2024

The loonie climbed more than half a cent against the U.S. dollar, now trading at 70 cents USD—a reversal from its 12-month low of 68.7 cents USD recorded just weeks ago on December 19.

Falling loonie could stifle productivity growth in Canada.

Natural resources make up the largest share of our exports and help support the value of our currency.

We need to produce more Canadian energy, food, forestry, and mining. https://t.co/xem2dHgEgb

— Canada Action (@CanadaAction) January 3, 2025

It is a significant recovery for the Canadian currency, which had been under pressure amid political uncertainty and economic concerns, exacerbated by Trudeau clinging to power in the last days of Parliament before the House rose for Christmas break. 

Food prices could jump by up to 5% in 2025, and researchers say the loonie is partly to blame https://t.co/NjxTI5AiH2

— The Food Professor (@FoodProfessor) December 5, 2024

“The loonie actually went higher, which tells me that investors in general and foreign investors believe this is a good move, that our dollar versus the U.S. dollar was depressed or down because of leadership, because of the way the country was being run,” Investment adviser Allan Small of iA Private Wealth told Global News.

The Canadian dollar was trading at 74.8 cents US at the start of 2024.

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