The Canadian dollar dropped to the weakest level in more than 11 years on speculation the nation’s oil-dependent economy will suffer from a global crude glut.
The currency weakened against most of its major peers as crude oil prices fell below $40 after the Organization of Petroleum Exporting Countries effectively abandoned its long-time strategy of limiting production to control prices after a meeting on Dec. 4. Data showed last week Canada’s unemployment rate unexpectedly rose last month, and the merchandise trade deficit widened more than forecast.
