The Globe and Mail reports in its Friday edition that the Canadian dollar has taken a drubbing in recent days, with a hawkish turn from the U.S. Federal Reserve alongside tariff threats and political turbulence in Ottawa sending the loonie below the symbolic 70-cent mark. The Globe's Mark Rendell writes that the loonie regained some ground Thursday, after a sharp sell-off the day before. However, analysts warn that there are few near-term catalysts for a significant turnaround for the loonie -- with the potential for further declines if U.S. president-elect Donald Trump follows through on his tariff threats. The Canadian dollar has been losing ground against the U.S. dollar for several months, falling from around 74.5 U.S. cents in late September to around 69.5 cents Thursday. This is only the third time in the past two decades the loonie has traded below the 70-cent mark. "If the Canadian dollar recovers, it's going to be more likely because the U.S. dollar weakens for some reason. Now that could be that Trump wakes up one morning and decides he doesn't want a stronger dollar," Shaun Osborne, chief currency strategist at Bank of Nova Scotia, told The Globe. The greenback has gained ground against most major currencies.