Canadian dollar falls more than one cent as oil prices drop
“The markets are worried … It’s made things uneasy again, and that uncertainty has definitely spilled over into the stocks and that’s definitely been felt a little bit in the currency markets”
– The Canadian dollar dropped more than one cent in pre-New Year’s Day holiday trading Monday on falling oil prices brought on by concerns about the U.S. economy and unrest in the Middle East.
The loonie tumbled 1.37 cents US to 100.62 cents US around 2:30 p.m. EST after light sweet crude for February delivery fell 32 cents to US$95.68 a barrel on the New York Mercantile Exchange.
Oil prices fell after a report out of the U.S. on Monday again raised concerns about a possible economic slowdown south of the border – the world’s largest consumer of oil products. Read more
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