The loonie took another bow and the Canadian dollar was trading lower (again!), after the price of oil took a hit at 0.45 of a cent at 77.45 cents U.S.

Oil prices fell after oil-rich countries failed to reach an agreement Sunday on freezing production.The effort to reach a consensus on freezing production to support prices failed after Iran stayed away from a weekend meeting of 18 oil producing countries in Qatar.

The price of the May crude oil contract fell US$1.52 to US$38.84, while the June contract dropped US$1.51 to US$40.20.

The move came as the futures market suggested stock markets in the U.S. were set to open lower.

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