TORONTO — Canada’s dollar has broken another long-term record, dipping briefly below 71 cents US for the first time in more than 12 years.

The Canadian dollar traded as low as 70.90 cents US just after 8 a.m. Eastern Time but later recovered somewhat.

An hour later, the loonie was at 71.14 cents US – down about one-third of a cent from Tuesday’s close.

The last time Canada’s dollar has been worth less than 71 cents US was in August 2003, according to Bank of Canada records.

The loonie has been trading progressively lower for some time, partly because of the lower value of crude oil and other commodities, as well as slow economic growth and the U.S. dollar’s rise against most major currencies.