Crude Oil Tumbles Pushing Canadian Dollar Down

The 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.

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