Loonie Weaker on Faltering Oil Prices

The Canadian dollar – known as the “loonie” – lost ground to the US dollar today as oil prices fell as investors wait for key economic news from the US. The loonie fell 0.2 percent to C$1.0577 per U.S. dollar at 8:07 a.m. in Toronto, from C$1.0556 yesterday. One Canadian dollar buys 94.56 U.S. cents.

“This looks like a general market move, and crude is volatile,” said Bank of Nova Scotia’s Sacha Tihanyi, whose firm is Canada’s third-largest lender. “We await U.S. GDP to see if we get some Canadian dollar support off of it, if it’s positive.”

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