Canadian Dollar Closes at Lowest Level in a Decade as Oil Falls

The Canadian dollar ended the day at its lowest closing level in more than a decade as falling oil prices, which may have plunged the economy into recession in the first half of the year, resumed their descent.

The currency has been falling since last week when the Bank of Canada cut its benchmark interest rate and forecast two straight quarters of economic contraction, saying the hit from crude oil’s collapse was proving to be more severe than expected. Oil prices fell again Wednesday, with the North American benchmark trading below $50 per barrel.