Falling crude prices weigh on Loonie

FXstreet.com (London) – The Canadian dollar tested four-month lows today on falling crude prices.

Crude oil, Canada’s biggest export, declined yesterday and today following the successful signing of an accord with Iran in Geneva. The agreement will see Iran freeze or roll back current uranium enrichment programmes as a signal of its intent not to enrich to weapons grade. The world’s fourth largest oil producer will also allow UN weapons inspectors greater access in return for around USD7bn in relieved sanctions.

WTI crude contracts for January delivery dropped 0.18 percent to USD93.92/barrell today after falling 0.8 percent yesterday.

Last week saw the first …read more