The Canadian dollar dropped against the U.S. dollar to a 14-month low on Tuesday as the lower oil prices earlier this week added to the downside for the currency of Canada, whose key export commodity is oil.
Oil prices fell on Monday and Tuesday as hedge funds and money managers started to cut bullish positions in a reaction to quickly growing supply. At 3:40pm EST on Tuesday, WTI was trading down over 2 percent on the day, well below the US$50 mark at US$47.59. Brent Crude was trading at US$50.38. Brent Crude hit a low early on Tuesday of US$50.14—the lowest point this year.