BLBG: Canada Dollar Falls as Crude Oil Price Decline for Fourth Day
The Canadian Dollar fell against its U.S. counterpart as the price of crude oil, the nation’s biggest export, declined for a fourth day.
Futures of crude oil fell 1.1 percent to $92.63 per barrel in New York. The commodity has fluctuated as Iran and world powers consider an interim deal to set limits on its nuclear program. So-called commodity currencies, which include the Canada’s and the Australian and New Zealand dollars also declined.
“We’ve seen some of the commodity currencies come a bit under pressure,” Sebastien Galy, a senior foreign-exchange strategist at Societe Generale SA in New York, said in a telephone interview. “Some of the energy has essentially suffered a little bit. Indeed, what you’re seeing this morning is oil is falling.”
The loonie, as the Canadian dollar is known for the image of the aquatic bird on the C$1 coin, fell 0.3 percent to C$1.0576 per U.S. dollar at 8:08 a.m. in Toronto. One loonie buys 94.55 U.S. cents.
To contact the reporter on this story: John Detrixhe in New York at jdetrixhe1@bloomberg.net
To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net
