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TORONTO – The Canadian dollar is continuing its descent as markets around the world continue to take stock of last week’s Brexit vote.

The loonie weakened as trading progressed, dropping to 76.48 cents US by late morning, down 0.45 of a cent from Friday’s close.

On Friday, Canada’s dollar fell 1.37 U.S. cents to 76.93 cents US as the greenback, often a safe haven during times of political and financial uncertainty, strengthened against most currencies following the Brexit vote.

READ MORE: British pound hits new low, U.K. bond yields lowest ever due to vote uncertainty

The Toronto Stock Exchange’s S&P/TSX index also increased its loss on Monday to 250.55 points, dropping to 13,641.33 after 90 minutes of trading this morning.

That followed a 239.50 point decline on Friday.

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The TSX’s decline was softened by an increase in gold stocks.

August gold contracts were up $4.60 to US$1,327 an ounce.

READ MORE: North American markets tank in early trading after British vote

The Dow Jones industrial average saw its losses mount by 309.30 points at 17,090.56, the broader S&P 500 composite index fell 42.87 points to 1,994.54 and the Nasdaq composite dropped 123.27 points to 4,584.70.

The August crude contract was down $1.15 at US$46.49 per barrel and August natural gas was up three cents at US$2.71 per mmBTU.

July copper contracts rose one cent to US$2.12 a pound.