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Posted AT 11:34 AM EST on 07/10/08

Loonie whipsaws in early trade

JOHN PARTRIDGE

Globe and Mail Update

The Canadian dollar suffered a severe case of whiplash Tuesday morning, rising and falling sharply against the U.S. dollar several times. The latest reversals came shortly after the U.S. Federal Reserve Board announced a dramatic plan to unfreeze corporate credit markets by buying up huge amounts of commercial paper, a vital lubricant for day-to-day business. Having plunged as much as 0.72 cent (U.S.) to 90.26 cents earlier in the day – after a sheer drop of 1.

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