Loonie falls 3 cents against U.S. dollar
The Canadian dollar fell nearly 3 cents Monday in its biggest one-day dive since January 1971.
The currency unofficially closed at $1.0307, down 2.9 percent from Friday's $1.067 close.
It was was fourth straight session the Canadian dollar -- nicknamed the loonie because the dollar coin bears an image of a common loon, a well-known Canadian bird, on its reverse side -- dropped versus the greenback.
The Canadian currency has outperformed all its global peers this year, with a meteoric 22 percent surge against the greenback. Last Wednesday, it touched $1.1039, its highest value against the greenback since the 1870s.
But the currency has fallen 6.6 percent since then.
The U.S. dollar rose against all major global currencies Monday, with the exception of the yen. // Copyright 2007 by United Press International
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