Loonie below 77 cents as oil prices fall

The Canadian dollar on Monday retreated below 77 cents US and stocks fell as the price for oil declined.

In early afternoon trading, the loonie was down 0.44 of a cent at 76.97 cents US.

The euro and the British pound were also trading lower against the U.S. dollar.

The S&P/TSX was down more than 143 points at 13,556.94.

Meanwhile, the price for benchmark North American crude was down on renewed worries about the health of the Chinese economy. West Texas Intermediate was off by $1.12 US at $43.54 a barrel.

Earlier in the day, China reported that its trade shrank in April, with exports down by 1.8 per cent in the month from a year earlier and imports down 10.9 per cent.

On U.S. stock markets, the Dow Jones industrial average was lower by 49 points at 17,691, while the Nasdaq composite was ahead by 15 points at 4,751.

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