The Canadian dollar has plunged since mid-September, sending the loonie tumbling more than 50% against the U.S. dollar since its low.
The currency was trading at 76.37 U.K. cents Wednesday, its lowest since Sept. 23.
That’s a drop of $0.13, or 0.13% at $1.21.
It’s the largest fall in the lite Canadian dollar since late September, when it tumbled nearly 50% after U.C.I.L. announced it would scrap a rule requiring Canadian-made whiskey to be labeled with the word “bourbon” in its name.
That move sparked a cascade of other moves against the lien and the government’s inability to recover the costs of the liqueurs and liqueures.
In addition to the Ullman-Meadows rule, the government also took action against companies that did not meet the minimum liquor-distribution requirements for alcohol-specific products such as ice cream and beer.
The government is working on a package of measures to address these issues.
It’s also seeking additional revenue from wine producers to help cover the cost of the rule, but the measure has yet to be approved.
The loonies also dipped to an eight-month low Thursday.