NEWS / Foreign Exchange

US dollar hits 28-year low vs Canadian dollar

LONDON - The U.S. dollar hit a 28-year low against the Canadian dollar on Wednesday, extending broad-based losses and breaking through a key technical support level at C$1.0975.

By 0650 GMT, the U.S. dollar has fallen as low as C$1.0963, down about 0.15 percent on the day and hitting its lowest level since January 1978.

"It's primarily a dollar phenomenon. It broke through C$1.0975, which was the previous low and a big technical level and that kicked in various stops," said Adam Cole, senior currency strategist at Royal Bank of Canada.