12/07/2015 10:49 EST | Updated 12/07/2016 05:12 EST

Loonie Hits 11-Year Low As Oil Takes A Tumble Below $40

TORONTO — The Canadian dollar was down more than half a U.S. cent Monday morning as crude oil futures traded below US$39 a barrel.

The loonie traded at 74.21 cents US, after falling 0.55 from Friday's close.

It was the lowest level for the loonie since 2004, Reuters reported.

Loonie vs. USD, Dec. 2010-present

canadian dollar

The Dow Jones index futures were down 32 points at 17,787.0, theS&P 500 futures fell 1.9 points to 2,086.5 and the Nasdaq futures gained one point to 4,714.3.

On the commodity markets, the February gold contract fell $4.10 to US$1,080.00 an ounce, the January crude contract was down $1.14 at US$$38.83 per barrel and the January contract for natural gas was down six cents at US$2.13.

On Friday, Toronto's S&P/TSX composite index rose 34.10 points to close at 13,358.77, ending the week of trading at practically the same level it began.

Canadian Dollar Through History