Canadian Dollar Tanking

Anyone know why?

Probably a few things. The US dollar is gaining strength against almost every currency at the moment and the CAD is weak due to the rampant inflation, increasing interest rates and falling energy costs. There are probably other reasons too.

CanuckBob has it covered. During times of international insecurity, there is a rush of investors TO the dollar as a source of stability. Currently, we have a war in Ukraine, Chinese threats over Taiwan, residual Covid issues and food insecurity, and the probability of a global recession. All of which drives the dollar UP.

Additionally, the Federal Reserve Bank (aka The Fed) is raising interest rates faster than most any other country, in an attempt to throttle inflation. Higher interest rates ALSO attract foreign investors.

So it's a perfect storm leading to a stronger than ever dollar. If the world stumbles into a recession, it may (probably will) drive the dollar even higher.