The currency was down 0.29 of a cent to 104.88 cents US. Traders were relieved to see the Conservatives win a majority in Monday's election as it removes a degree of uncertainty from the political landscape.
Also, the "Conservative platform, (tax rate, energy policy) is viewed as more business friendly on the international stage," said Scotia Capital chief currency strategist Camilla Sutton.
She also observed that the Canadian dollar has underperformed against other currencies over the last few months "and could be overdue for some catch up in the coming weeks."
Oil prices fell to below $113 a barrel as a stronger U.S. dollar made crude more expensive for investors with other currencies.
The June crude contract on the New York Mercantile Exchange fell $1.24 to US$112.28 a barrel.
Crude has jumped 34 per cent since mid-February, a rally fuelled by disruption of oil supplies in Libya and a weaker dollar. On days when the U.S. dollar strengthens, commodities such as oil tend to fall.
Metal prices also backed off as the June gold contract on the Nymex declined $19 from Monday's latest record close to US$1,538.10 an ounce. The July copper contract in New York was unchanged at US$4.18 a pound. For the latest updates PRESS CTR + D or visit Stock Market news Today
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