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The Canadian dollar backed away from parity Monday morning as commodity prices lost ground and investor confidence appeared shaken over the impact of a tentative deal to resolve Greece’s debt crisis.

The loonie lost 0.55 of a cent to 99.38 cents US.

The February gold contract fell US$8.40 to $1,723.80 per ounce, and the March oil contract shed 79 cents to $98.77 per barrel. Copper prices were down seven cents at US$3.82.

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