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Loonie drops more than half a cent as oil prices tumble below $39

TORONTO – The Canadian dollar was down more than half a U.S. cent Monday morning as crude oil futures traded below US$39 a barrel.

The loonie traded at 74.21 cents US, after falling 0.55 from Friday’s close.

The Dow Jones index futures were down 32 points at 17,787.0, theS&P 500 futures fell 1.9 points to 2,086.5 and the Nasdaq futures gained one point to 4,714.3.

MORE: Latest coverage — plunging loonie¬†

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On the commodity markets, oil prices are sliding. The January crude contract was down $1.14 at US$$38.83 per barrel and the January contract for natural gas was down six cents at US$2.13.