The Canadian dollar was slipping in value against the world's reserve currency on Wednesday, just before European Union leaders convene in Brussels for a two-day summit that already is projected to be underwhelming, Reuters reports.
Beginning Thursday, the two-day summit marks the 20th meeting of leaders trying to reign in damaging tendencies of the sovereign debt crisis, which has been raging in the euro zone since early 2010. The loonie, which is closely tied to crude oil futures. The nation's top export, has been tracking the energy commodity.
"We've seen oil prices come off quite a lot and the Canadian dollar is perceived as a commodity currency," senior currency strategist Jane Foley with Rabobank International in London told Bloomberg. "It has underperformed Aussie and New Zealand very significantly this month."
The range of the loonie this year against the U.S. dollar has been as low as 96 cents from earlier this month to $1.02 in April, according to Reuters.
Thus far this year, the loonie is down almost 1 percent against the world's reserve currency, according to Reuters.
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