The Canadian dollar faltered versus the US dollar Tuesday as oil prices slumped, but the currency was still an outperformer against many of its major rivals.

US crude prices slid 1.28% to $51.47 a barrel, while Brent crude fell 0.81% to $57.65 a barrel.

The loonie closed at C$1.2509 per greenback or 79.94 US cents from yesterday’s C$1.2478 or 80.14 US cents.

The currency holding up rather well was the bottom line… all of its major counterparts “have basically unwound the gains they made after the payrolls report on Friday,” said Adam Cole, Global Head of FX strategy at RBC Capital Markets.

The material has been provided by InstaForex Company – www.instaforex.com