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.