“The Canadian loonie has continued its slide, reaching its lowest level yesterday since the summer of 2003. As of late Wednesday, the loonie stood at 70.95 cents US.
Today’s plunge is being attributed to a prolonged period of low oil prices and stock market uncertainty, and a housing market that has left Toronto and Vancouver, in particular, off in their own orbits,” an article posted by CBC News.
CBC News continued, “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 René Lévesque’s Parti Québécois took power in Quebec, and the Canadian dollar (the loonie wasn’t yet introduced) began a decade-long slide until it bottomed out 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 in Top Gun, which brought in nearly $357 million US, 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 line of brightly coloured, quintessentially 80s wear.”
Read the full article here.
Raymond Matt, CFP, CLU, TEP, CHS
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