Slumping oil prices and hints of coming interest-rate cuts pushed Canadian dollar further down Tuesday.
The currency closed at 100.50 U.S. cents, down 0.37 of a cent. The U.S. dollar stood at 99.50 Canadian cents, up 0.36 of a cent.
The Canadian dollar ran neck-and-neck with the American greenback midday, dropping briefly below the value of its U.S. counterpart before bouncing back. It once traded as low as 99.97 U.S. cents.
The Canadian dollar rose to parity with its American counterpart on Sept. 20 and closed above the greenback on Sept. 28for the first time in 31 years.
It has risen 70 percent since hitting an all-time low of 61.79 U.S. cents in January 2002.
Analysts say the Canadian dollar is likely falling back into natural step with the U.S. dollar after outpacing it for most of the past two months.
On Tuesday, Pound sterling closed 2.0594 Canadian dollars, up 0.60 of a cent and 2.0697 U.S. dollars, down 0.15 of a cent.
The euro was worth 1.4761 Canadian dollars, up 0.06 of a cent.
Source: Xinhua
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