looniemeltCanada just joined the easing party — and now the Canadian dollar is going crazy. The Bank of Canada just announced that it cut its main interest rate to 0.75% from 1%, joining the trend of central banks around the world trending toward easier monetary policy.  Following the announcement, the Canadian dollar, also known as the loonie, weakened sharply against the US dollar, to as low as 1.23. Earlier on Wednesday, the loonie was at around 1.206 against the dollar. In an announcement, the Bank of Canada said the move to cut rates followed the sharp drop in the price of oil.  Here’s the chart of the loonie’s rapid fall against the dollar. More