19.11.201423:15:06UTC+00Canadian dollar slides as US Senate rejects Keystone bill

The Canadian dollar plummeted versus the US dollar Wednesday following the US Senate rejected a bill that would approve the construction of the Keystone XL pipeline.

The loonie shortly snipped losses on a weaker greenback after the minutes of the Federal Reserve's October meeting showed policymakers contended whether to address the global economic slowdown, and market volatility would overstate its woes.

Also, lower oil prices gave additional pressure to the currency.

“We started getting a slight weakness in the Canadian dollar late yesterday once the Senate vote on the Keystone pipeline came out. I think that just gave the market an excuse - a psychological one ... that had a slight knock on the marketplace,” said Amo Sahota, Director at Klarity FX.

The loonie concluded the session at C$1.1351 or 88.10 US cents, from Tuesday's C$1.1299 or 88.50 US cents.