20 Dollars – Canada

In 2014, the Canadian dollar, often called the "loonie," experienced a significant and sustained decline, marking a shift from the previous decade's strength. Having traded near or above parity with the US dollar for much of the period following the 2008-09 financial crisis, the currency began a sharp descent in early 2013 that accelerated throughout 2014. By year's end, it had fallen to approximately 86 US cents, a loss of roughly 10% of its value over the year and reaching its lowest level since mid-2009. This depreciation was the dominant narrative for Canada's currency that year.

The primary driver was a dramatic collapse in global oil prices, which began in the summer and saw benchmark crude fall by nearly 50% by December. As a major oil exporter, Canada's economy and currency are highly sensitive to energy prices. The shock exposed vulnerabilities and raised concerns about the economic outlook, particularly for energy investment and government revenues in oil-producing provinces like Alberta. Concurrently, the U.S. Federal Reserve was concluding its quantitative easing program, strengthening the U.S. dollar against most global currencies, while the Bank of Canada maintained a cautious and dovish stance, creating a widening policy divergence that further pressured the loonie.

This currency environment created a mixed economic picture. The weaker dollar provided a crucial boost to non-energy exporters, particularly manufacturers and tourism, by making their goods and services more competitive in the U.S. market. However, it also increased costs for imports and consumer travel, contributing to a higher cost of living. The Bank of Canada, under Governor Stephen Poloz, viewed the depreciation as a necessary "buffer" for the economy against the oil shock, opting to hold its key interest rate at 1% while emphasizing the growing risks from lower oil prices, which set the stage for a surprise rate cut in early 2015.