TORONTO _ The Canadian dollar is under pressure, amid weak oil prices and a strengthening U.S. currency.
The loonie was down 0.06 of a cent at 78.78 cents US early Wednesday. The currency dropped more than half a cent on Tuesday as stock markets dropped and traders bet that U.S. interest rates may start to move up a bit sooner than expected.
Currency watchers note the U.S. dollar is strong against many currencies as the U.S. Federal Reserve prepares to raise its key interest rates.
Canada's loonie has also fallen against the American currency as U.S.-dollar denominated commodity prices have fallen.
On the commodity markets, the April crude oil contract on the New York Mercantile Exchange was up 10 cents at US$48.39 a barrel.
The April gold bullion contract were down US$3.80 at US$1,158.20 an ounce, while the March copper contract was up two cents at US$2.65 a pound.