Canadian Dollar Drops in Currency Trading

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Canadian Dollar Drops in Currency Trading

Friday, October 24, 2008; Posted: 08:50 AM

Loonie follows oil prices downThe Canadian dollar is dropping in currency trading on the FX market this morning, due in large part to lower oil prices.

The loonie is a commodity currency, and in Canada's case one of the major exports is oil. This means that as oil prices fall, Canada loses a major source of income.

On top of the oil prices, the complete panic taking place on equity markets all over the world is forcing the loonie lower in FX trading. The economic outlook is turning sour, and the Canadian dollar is moving farther from parity in currency trading with the U.S. dollar.

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Loonie in FX Trading
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