The Canadian dollar dropped against its US counterpart after crude oil, the main Canada’s export, declined together with other commodities, decreasing attractiveness of the currency.

February delivery for crude oil fell down 2.5 percent to $89.23 per barrel. Yesterday it traded at $92.58, the highest level since October 7th, 2008. The stronger US dollar weakened other commodities too, damping demand for the growth-related currencies, including the loonie.

The greenback gained against the Canadian currency after the US factory orders unexpectedly grew. The orders rose 0.7 percent in November, while they were expected to drop 0.1 percent.

USD/CAD rose from 0.9982 to 0.9991 as of 04:52 GMT today, following yesterday’s advance from 0.9934 to 0.9983. EUR/CAD traded near 1.3266.

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