The Canadian dollar has had a sharp slide since the beginning of 2014 and most predictions are that it will go lower.

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The price of a trip to the sunny south is going up as more tour operators add a so-called “currency surcharge” to offset the sharp decline in the value of the loonie against the U.S. dollar.

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Since May 3, when Stephen Poloz’s appointment as Bank of Canada governor was announced, the dollar has fallen nine full cents against its U.S. counterpart. Since Oct. 23, when the governor formally disavowed the bank’s previous policy “bias” toward raising interest rates when economic conditions warranted, it has fallen more than seven cents.

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The Canadian dollar is expected to spiral lower throughout 2014, after a 3.1 per cent slide in the first two weeks of the year that has taken it to its lowest levels since 2009.

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2013 was a difficult year for the Canadian dollar. The “loonie” hit a 3-year low in U.S. dollar terms and lost about 10% of its value against European currencies. It outperformed the Australian dollar and Japanese Yen but only because they were severely battered. Aside from losing Mark Carney one of their best and brightest central bankers to the U.K., the country suffered from a severe discount in the price of Canadian oil versus U.S. oil. The Bank of Canada also dropped its tightening bias in October, setting USD/CAD on a one-way uptrend from 1.04 to 1.07. While growth is expected to accelerate in the coming year Canada faces a unique risk that could send the loonie on a downward spiral in a move that could take USD/CAD to 1.10.

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The Canadian dollar weakened against the U.S. dollar Friday, dropping 0.69 of a cent to 93.48 cents (U.S.).

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