The Canadian dollar fell against the US dollar as Canada's oil prices dropped and export on other commodities tumbled. This is the currency's first dip in four days.
Futures of crude oil fumbled as much as 1.3 percent to a $94.50 per barrel said a report in New York, prompting the loonie's decline against a majority of its trading partners. Reports also showed that stockpiles in the United States, Canada's primary customer of oil expoirts, increased. Data showed that crude oil inventories added 550,000 barrels to 391.8 million. Gasoline inventories also increased by half a million barrels to 219.3 million, according to Bloomberg News.
"The Canadian dollar remains a high-beta currency, and fluctuations in the oil price will always affect it more," said Eimear Daly, an expert in currency market analysis, in a phone interview.
The currency dropped 0.5 percent to C$1.0248 for a single US dollar, 8: 19 a.m. in Toronto.
Join the Conversation