The Canadian dollar was down sharply early Wednesday before North American stock markets opened. The loonie traded at 72.08 cents US, down 0.26, or about a quarter-cent from Tuesday’s close.
Canada’s currency has been affected by a number of factors this year, many related to the strength of the American dollar as well as weak global market conditions for key exports such as oil and other commodities.
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The loonie is trading down in tandem with oil, which slipped a further 2.5 per cent on Wednesday on concerns that global inventory levels are continuing to rise.
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