Loonie tumbles more than half a cent
Record increase in U.S. mortgage foreclosures unnerves traders
Canada's dollar and its main stock market traded lower on Wednesday, with the loonie closing down 0.66 cents to 95.77 US.
North American markets and commodities all sold off.
Toronto's S&P/TSX composite index rebounded from its earlier lows, when it was down more than 200 points, to close down 98.74 points at 11,665.77.
New York markets also fell with the Dow Jones industrial average down 66.58 points at 10,444.37. The Nasdaq composite index lost 18.89 points to close at 2,298.37 while the S&P 500 index shed 5.77 points and closed at 1,115.03.
The July crude contract on the New York Mercantile Exchange fell 55 cents to $72.48 US.
The June gold bullion contract on the Nymex closed down $21.70 at $1,192.60 US an ounce.
American housing market a worry
There were lots of reasons to sell.
Traders were nervous about data showing a record number of U.S. mortgage foreclosures.
More than 10 per cent of U.S. homeowners had missed at least one mortgage payment in the January-March period, the Mortgage Bankers Association said Wednesday. That number was up from 9.5 per cent in the fourth quarter of last year and 9.1 per cent a year earlier.
Traders also wondered whether moves announced yesterday by Germany to reduce currency speculation showed regulators were grasping at straws in response to Europe's debt crisis and whether Chinese growth would slow.