# Posthaste: Why the loonie has taken its foot off the gas during this oil boom - Financial Post

> The Canadian dollar has lagged the oil rally, trading around 78.7 US cents despite crude's surge, and is down 1% year to date while the Australian dollar is up. WTI dropped below $100 for the first time since March 1, with the loonie slightly lower at 77.86 cents.

- Date: 2022-03-15 · published 2022-03-15T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/42502-posthaste-why-the-loonie-has-taken-its-foot-off-the-gas-during-this-oil-boom
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

The weak loonie link to oil means Canadian buyers gain less currency relief from high crude, leaving import feed costs elevated.

## Read by commodity

- WTI: bearish ▼
- USDCAD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-03-25 | [Thai baht, Asian FX gain as oil prices come off the boil \| Financial Post](https://feedsoft.ai/events/42509-thai-baht-asian-fx-gain-as-oil-prices-come-off-the-boil-financial-post.md) | -11.6% | -9.7% |
| WTI | 2017-06-15 | [Oil and U.S. dollar conspire to push down loonie as this week's gains lose some loft - Financial Post](https://feedsoft.ai/events/70741-oil-and-u-s-dollar-conspire-to-push-down-loonie-as-this-week-s-gains-lose-some.md) | -5.1% | +2.9% |
| WTI | 2020-03-23 | [Wither the loonie? \| ATB Financial](https://feedsoft.ai/events/54358-wither-the-loonie-atb-financial.md) | -15.4% | -54.6% |
| WTI | 2022-09-29 | [C$ slides as currency handbook goes 'out the window' \| Financial Post](https://feedsoft.ai/events/39814-c-slides-as-currency-handbook-goes-out-the-window-financial-post.md) | +6.8% | +7.8% |
| WTI | 2018-11-15 | [What happened to oil? Why crude prices plummeted 25% in 5 weeks \| Financial Post](https://feedsoft.ai/events/10783-what-happened-to-oil-why-crude-prices-plummeted-25-in-5-weeks-financial-post.md) | -3.0% | -6.3% |

## Sources

- financialpost.com: https://financialpost.com/news/posthaste-why-the-loonie-has-kept-its-foot-off-the-gas-during-this-oil-boom/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.