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CALGARY – Crude oil prices and the Canadian dollar nosedived in tandem on Tuesday, bringing Canadian stock prices down with them, with the S&P/TSX Composite Index falling to its lowest point since 2013, before recovering on the back of a late-day rally in bank stocks.

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The call from the top-ranked forecaster for the U.S. vs Canadian dollar exchange rate last year comes as the loonie fell below 70 U.S. cents for the first time in almost 13 years





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The day ended on the lowest point for both the loonie and crude in 13 years.

“We have a very oil- and energy-dominated economy and so it’s not surprising that the correlation and the Canadian dollar and oil and gas prices is very high,” Scotiabank vice-president, economics and commodity markets specialist Patricia Mohr said.

The loonie at one point Tuesday traded for 69 cents U.S., its lowest point against the U.S. dollar since 2003, before rebounding slightly to close the day at 70 cents U.S.