BERMUDA (AP) The Canadian currency has dropped to a new low against the U.S. dollar after Canadian producers raised their export prices to help fend off a slowdown in demand.

The Toronto Stock Exchange said Wednesday that the Canadian dollar had fallen by about 1.8 cents to $US1.81 US, below the 1-cent drop forecast on Wednesday.

The Canadian loonie has lost more than 2 percent against the greenback in the last month.

The loonies are down almost 20 percent this year.

The dollar has fallen against a basket of currencies since it touched parity with the greenbacks in late February.

It is now trading at about 71.25 U.K. cents.

Canada has been battered by a plunge in oil prices and a government shutdown over the weekend that forced the closure of the Bank of Canada.

The government also announced a sweeping overhaul of the country’s tax system to reduce loopholes for foreign corporations.

The measures included a new tax rate for small companies and a ban on corporations owning more than 20 percent of the total capital stock.