Canadian dollar tumbles ahead of expected rate cut
* Bank of Canada rate announcement due at 9:00 a.m.
* Lower oil prices weighing on Canadian currency
* Canadian dollar at lowest level since Oct. 10
TORONTO, Oct 21 (Reuters) - The Canadian dollar fell more than 1 percent against the U.S. dollar to its lowest in over a week on Tuesday as oil prices eased and traders braced for a widely expected Bank of Canada interest rate cut.
At 8:15 a.m. (1215 GMT), the Canadian unit was at C$1.2082 to the U.S. dollar, or 82.77 U.S. cents, down from C$1.1937 or 83.77 U.S. cents at Monday's close.
That marked the Canadian currency's lowest level since Oct. 10, when it suffered its biggest one-day drop en route to touching its lowest since 2005 on fears of global recession and slumping commodity prices.
That day, the currency fell as low as C$1.2135 to the U.S. dollar, or 82.41 U.S. cents.
The domestic currency's latest slide comes ahead of the Bank of Canada's scheduled rate announcement at 9:00 a.m. (1300 GMT), when it is widely expected to lower its key rate.
Most of Canada's primary securities dealers expect either a 25-basis-point cut or a 50-basis-point cut.
The rate now stands at 2.50 percent after an unexpected 50-basis-point cut on Oct. 8 in a coordinated move with other central banks to help calm ailing financial markets.
Lower oil prices were also weighing on the Canadian dollar since Canada is a key supplier of oil to the United States and its currency is often influenced by the price of crude . (Reporting by Frank Pingue; Editing by James Dalgleish)
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