Loonie slumps, driven by low oil prices

Source: WBP Online
© ScanPix/Reuters
The Canadian Dollar fell against its American counterpart, following another session of oversupply-driven decline in oil prices, while the Greenback strengthened ahead of the FOMC meeting. The Loonie dropped below $1.295 by 09.50 AM GMT, staying close to 2004 low. Considering the global glut in oil supply and possible rate hike in the US, the Canadian Dollar will continue to stay under the pressure.
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