Canadian Dollar Sinks Together with Oil Prices

The Canadian dollar sank today against other major currencies, even the very soft euro, as crude oil prices demonstrated huge losses during Monday’s trading.
As it often happens, the Canadian currency followed the moves of crude oil, the country’s major export commodity. This made the loonie perform worse than other currencies associated with risk. In fact, the Canadian dollar underperformed even compared to the euro, which is kinda amusing considering that the drop of oil prices was caused by the events in Europe in the first place.
USD/CAD rallied from 1.2593 to 1.2660 as of 18:41 GMT today. EUR/CAD surged from 1.3838 to 1.3977.

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