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Canadian Dollar Drops To 4-day Low Against U.S. Dollar

4/9/2012 8:48 AM ET

The Canadian dollar fell against the U.S. and the Australian dollars in European deals on Monday amid a slide in oil prices.

The price of crude oil was moving lower amid demand concerns after data showed the rate of inflation in China rose faster than expected. Also, disappointing jobs data from the US last week weighed on trader sentiment.

Crude for May delivery declined 1.42 cents or 1.38 percent to $101.89 per barrel at 8:14 am ET.

The loonie declined to a 4-day low of 0.9998 against the greenback, compared to Friday's close of 0.9971. The loonie is now trading at 0.9997 against the greenback with 1.002 seen as the next downside target level.

Against the Australian dollar, the loonie edged down to 1.0291 with 1.035 seen as the next downside target level. At last week's close, the pair was worth 1.0280.

by RTT Staff Writer

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