TORONTO (AP) - The Canadian dollar has dropped to its lowest level in almost a year due to falling oil and other commodity prices.

The Canadian dollar slipped 1.3 U.S. cents to 96.02 U.S. cents in Tuesday morning trading, as oil plummeted as low as US$118 a barrel. The price of oil Tuesday is about 19 percent below oil's all-time high above US$147 reached July 11.

The recent strengthening of the battered U.S. greenback has also contributed to the Canadian dollar's decline, along with the U.S. Federal Reserve's announcement Tuesday that interest rates were held steady.

The Canadian dollar was last at 96 U.S. cents in September 2007.