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Crude Oil Tumbles Pushing Canadian Dollar Down

Canadian DollarThe Canadian dollar is extremely linked to the crude oil and equities markets performance, and after a day of rising risk aversion, the loonie declined as appeal for commodities and stocks dropped.

After touching a two-week high versus the U.S. dollar this week as risk appetite surged in the beginning of the week, the Canadian currency witnessed a declined as stocks pared gains and demand for commodities declined, halting the loonie’s rally and erasing its previous weekly gains partially.

USD/CAD traded at 1.0507 as of 22:10 GMT from a previous rate of 1.0467 in the intraday.

If you want to comment on the Canadian dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.


This entry was posted on Thursday, December 3rd, 2009 at 12:13 am and is filed under Canadian Dollar. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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