Tuesday saw the value of the Canadian dollar drop in value to the U.S. dollar as the price of equities also fell and pulled down the monetary unit, Bloomberg reports.
A report issued by the Canadian government indicated a reduced pace of retail sales befell the nation in November, which also served as a burden to the loonie. The price of crude oil, the top commodity of the nation whose economy is based on commerce of its natural resources, also fell on Tuesday, drawing down the monetary unit.
At 11:23 a.m. on Tuesday, crude oil futures fell 0.23 percent, a 25 cent slip to $110.33 per barrel.
Statistics Canada indicated retail sales increased 0.3 percent in November while gains during the month prior were 0.9 percent. November results were projected to be 0.2 percent, according to a survey administered by Bloomberg.
Ongoing struggles with the sovereign debt crisis also influenced the downward tack of the Canadian dollar, according to The Canadian Press. Greece, which has been approved for two tranches of international bailout aid, is working on putting together a pact with private creditors for the second tranche so as to avoid defaulting.
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