Canadian dollar edges lower as Wall Street slides

The Canadian dollar weakened against its U.S. counterpart on Tuesday as stock markets fell, but the move was limited ahead of a Bank of Canada interest rate decision this week. The loonie was trading 0.1% lower at 1.3585 to the U.S. dollar, or 73.61 U.S. cents, after trading in a range of 1.3556 to 1.3505. "I find that the Canadian dollar is highly correlated to the S&P 500 and U.S. stocks are getting hit pretty hard today," Marc Chandler, chief market strategist at Bannockburn Global Forex LLC, said.