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C$ Sinks to 3-week Low as Tumbling Crude Outweighs Robust GDP

Posted December 01, 2014

Under Economic Issues, International Trade Issues

(Reuters)

The Canadian dollar retreated more than a cent against its U.S. counterpart on Friday, touching a three-week low, as tumbling U.S. crude prices overshadowed higher-than-expected third-quarter Canadian growth figures.

U.S. crude prices plunged 10 percent in their biggest one-day drop in over five years following OPEC’s decision to keep current production levels unchanged, a move market participants said would leave oil markets oversupplied. Read more here.

Related: How the Loonie is Doing the Heavy Lifting for Canada’s Economy (FP)