Loonie Hits Lowest Close Since Early August Amid Crude Oil Decline

The Canadian dollar declined to its lowest close since early August.

The loonie finished at US$0.7110 or US$1=C$1.4064 on Tuesday, compared to US$0.7132 or US$1=US$1.4021 on Monday.

This decline in the Canadian dollar's value is part of a larger trend that has seen the United States Dollar Index rise 0.10 of a point at 100.53.

Crude oil prices also took a hit, with West Texas Intermediate dropping US$1.19 per barrel to US$94.59 and Brent crude oil retreating US$2.06/barrel to US$98.28.