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Call it Bleak Friday: An 18-month tumble in the value of crude, the loonie and Canadian stocks culminated Friday in a devastating blow that saw all three indicators sink to recent lows.

The Toronto Stock Exchange fell to its lowest level since June 2013. The Canadian dollar closed at 68.82 cents (U.S.), reaching a 12-year low and continuing its longest downward spiral.

It’s not just a Canadian crisis. January has been the worst start to a year on record for global equities as investors worry about signs of a massive slowdown in Chinese growth and weaker terms of international trade.

Amid the global...

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