The Canadian dollar plunged on Tuesday as oil and commodity prices plummeted.
June contract for benchmark oil ended at $57.26 a barrel. June gold closed at $1,206.70 an ounce and July copper at $2.84 a pound.
Loonie stood at 81.75 US cents, from 83.18 US cents on Friday. Canadian markets were closed last week to observe the Victoria Day holiday.
Copper and iron are both weak, and oil and gold surged in the last couple of weeks. Perhaps this is a response to the US dollar’s strength some “taking some profits after what’s been a very strong few weeks,” said Norman Raschkowan, Senior Partner at Sage Road Advisors.
The material has been provided by InstaForex Company – www.instaforex.com