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Dollar continues its descent

The loonie continued its descent in late morning trading as oil prices also declined.

The Canadian dollar was at 74.87 cents US, down 0.17 of a cent.

The currency has lost 1.31 cents US since last Wednesday.

The December contract for crude oil shed 64 cents US, trading at US$50.21 a barrel, while the November natural gas contract lost 12 cents US to US$2.88 per mmBtu.

In Toronto, the S&P/TSX composite index fell 36.45 points to 14,902.59.

It was a different picture south of the border, where markets were registering gains.

The Dow Jones industrial average gained 95.02 points at 18,240.73 and the Nasdaq composite added 48.62 points at 5,306.02. The S&P 500 nudged up 11.31 points to 2,152.47.

December gold contracts were fetching US$1,261.80 an ounce, down $5.90, while December copper was unchanged at US$2.09 a pound.



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