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Canadian dollar steadies after hitting four-month low on oil price slump

by_fergal_smith
Canadian dollar steadies after hitting four-month low on oil price slump

The price of oil, one of Canada's major exports, plunged to lows not seen since last November due to ongoing worries about weakening global demand, oversupply and declines across other asset classes, including equities. U.S. crude oil futures settled 7.1 percent lower at $55.69 a barrel. The slide in oil prices "is delivering a very, very hard blow to the Canadian dollar," said Karl Schamotta, director global markets strategy at Cambridge Global Payments.