Canadian Dollar Falls

Canada's dollar declined as the price of the nation's commodity exports, including gold and oil, fell.

Canada has the largest crude deposits outside the Middle East. Oil has dropped more than $6 per barrel since the start of the week. Commodities account for about half of the country's exports.

Canada's dollar weakened 0.1 percent to C$1.0181 per U.S. dollar at 8:29 a.m. in Toronto, from C$1.0169 yesterday. One Canadian dollar buys 98.22 U.S. cents.

The loonie, as the currency is known because of the image of the bird on the one-dollar coin, has traded near parity with its U.S. counterpart this year. It touched a 2008 low of C$1.0379 on Jan. 22, and a high of 97.12 cents per U.S. dollar on Feb. 28.

Crude oil fell as much as $2.69, or 1.9 percent, to $138.68 a barrel today. It reached a record $145.85 on July 3. Gold declined as much as $7.57, or 0.8 percent, to $918.28 an ounce.

Canadian Dollar Falls, Bloomberg
7/8/2008 6:40:10 AM