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Plunging Crude Oil Prices Help Push Canadian Dollar to Five-year Lows

Posted November 05, 2014

Under Economic Issues, International Trade Issues

(Malcolm Morrison – Canadian Press)

The Canadian dollar closed at a five-year low Tuesday as the resource-sensitive loonie was pressured by oil prices also at multi-year lows.

The loonie fell 0.41 of a cent to 87.64 cents US, its lowest close since July 2009.

The December crude contract in New York fell $1.59 to a three year low of US$77.19 after Saudi Arabia cut prices to its U.S. customers. Read more here.