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The Canadian dollar escalated versus the US dollar Wednesday amid lower oil prices and uncertainty before Thursday’s OPEC meeting and Friday’s Canadian gross domestic product data.
US.crude oil futures was at 40 cents at $73.69.
“The Canadian currency's link with oil prices may have loosened. That oil correlation seems to have let off a little bit,” said Ken Wills, Currency Strategist and Broker at CanadianForex.
The loonie traded at C$1.1236 to the greenback or 89.00 US cents from Tuesday's C$1.1253 or 88.87 US cents.
