C$ extends losses after OPEC says will not cut crude output

TORONTO: The Canadian dollar extended its losses against the U.S. dollar on Thursday after Saudi Arabia's oil minister said OPEC will not be cutting crude output levels.

The Canadian dollar retreated sharply to a session low of C$1.1305 to the greenback, or 88.46 U.S. cents, following the news, which also sent oil prices falling to a new four-year low.

The currency, which was underperforming most other major counterparts, had closed at C$1.236, or 89.00 U.S. cents on Wednesday. Trading was extremely light, however, due to the U.S. Thanksgiving holiday.