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Canadian Dollar Tanks A Whole Cent U.S. In 4 Hours

It's a lot like Brexit.

The peso, the Dow Jones and the S&P 500 weren’t the only things that dropped significantly on election night.

The Canadian dollar also fell hard, losing over a cent of its value in just under four hours, as the likelihood of a Donald Trump victory grew on Tuesday.

At around 7:50 p.m. ET, the loonie was worth US$0.7582, according to XE.com.

Its value had fallen to $0.74119 by 11:48 p.m. ET.

The trend came on a night when the price of West Texas Intermediate (WTI) oil fell by four per cent, to $43.26 per barrel.

The Dow Jones, meanwhile, fell by 4.3 per cent and the S&P 500 dropped by 5.01 per cent.

Market trends echoed what happened after the U.K.’s Brexit referendum.

The loonie lost more than a cent in early trading the day after the vote, falling to $0.768, for its biggest drop in 18 months.

Meanwhile, oil prices dropped by about three per cent to $47.60 per barrel for the North American benchmark.

-- Jesse Ferreras and Daniel Tencer, The Huffington Post Canada

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