The upheaval in Britain caused by the Brexit vote to leave the EU is putting more pressure on our currency, and according to Andrew Pyle, Wealth Advisor at The Pyle Group, Scotia Wealth, he says our loonie could fall toward the 72 cent (U.S) mark.

“If these growth concerns get exacerbated over the next few weeks, we could indeed see the currency flow below 75 cents into the 72-73 cent range,” said Pyle, in an interview with BNN.

The Canadian dollar is trading lower largely due to a combination of weaker stocks, lower oil prices and a stronger greenback. The loonie fell to 76.48 U.S. cents by late Monday morning; down almost half a per cent from Friday’s close of 76.93 U.S. cents.

As the Brexit outcome rattled global markets, investors flocked to safer havens, such as the Japanese Yen, which is currently trading at its lowest level since 2012.

The greenback also saw some strength, as it posted a rally of 11 per cent from its January lows. Despite this, the U.S. dollar is trading near its 12-year lows.

Pyle says he doesn’t think the Bank of Canada wants to see the loonie anywhere close to 80 cents in this uncertain environment, suggesting a pullback in European growth could force the central bank to cut rates.

“If we were to see a pronounced pullback in growth in Europe, trickling down into the rest of the world and also commodity prices I think the propensity is there for the Bank of Canada to cut rates,” said Pyle.

“We’re starting to price in modest chances of the Federal Reserve cutting rates and I think if that becomes more pronounced, there’s definitely a window for the bank to cut rates and of course, that would factor into a weaker Canadian dollar through the summer.”