Canadian dollar drops as Brent crude slides

The Canadian dollar fell against most of its counterpart on Tuesday, as Brent crude continued its slide, bearing in mind the Canadian government dependence on oil exports.

The OPEC-Plus output cut agreement, that includes the participation of the US, Russia, Canada, Brazil and several other countries has failed in supporting the falling prices.

Canada's retail sales index rose by 0.3% in March as expected, while the core reading for the same index held, lower than forecasts for a rise by 0.3%.

To the oil market, WTI crude rose by 113.5% to $4.90 a barrel as of 16:30 GMT, with a high of $5.9 and a low of $-16.7.

While Brent lost 26.6% to $18.7 a barrel, after a high of $26.5 and a low of $18.1.

As of 17:07 GMT, CAD/USD fell 0.4% to 0.7037, after the pair hit a high of 0.709 and a low of 0.7006.