Canadian dollar hits 5-1/2-year low as oil prices continue slide

LONDON: Oil-rich Canada's dollar hit a 5-1/2-year low against its US counterpart on Friday as oil prices slid further amid persistent concerns over a global supply glut and a bearish demand outlook. Brent crude fell to $63 per barrel, taking its losses to over 8 percent this week alone.

The Organization of Petroleum Exporting Countries (OPEC), which accounts for a third of global oil output, cut its 2015 demand forecast this week, to the lowest in more than a decade.

The US dollar strengthened to C$1.5555, its highest since July 2009, up 0.3 percent on the day.

Copyright Reuters, 2014