The Financial Post reports in its Friday, May 24, edition the Canadian dollar touched a one-year low on Thursday. The Post's John Shmuel writes the loonie fell to 96.21 cents Thursday before recovering to close at 97.14 cents (all figures U.S.). The loonie lost ground in the past week thanks, in part, to renewed fears about the health of the country's economy. Canadian Imperial Bank of Commerce economists in their monthly FX Outlook say, "Having nearly clambered back to parity at one stage, the Canadian dollar has lost altitude again, and is closing in faster than we anticipated on our [95-cent target]." Investors turned pessimistic on stocks Wednesday after U.S. Federal Reserve chairman Ben Bernanke told Congress the central bank could pull back on some of its monetary stimulus if the U.S. economy continues to progress as it has recently. That, combined with weaker-than-expected manufacturing data out of China, also took out a big chunk from the loonie's value during the Asian trading session. BMO Capital Markets economist Doug Porter says the loonie is overvalued. CIBC economists say the Canadian dollar is more likely to drop below their 95-cent target than rebound any time soon.