# Why oil and the Canadian dollar are breaking up - The Globe and Mail

> Oil prices have rallied to seven-year highs, with WTI up 50% over the past year to more than US$90 a barrel, while the Canadian dollar has stalled near 79 US cents. Bank of Montreal's chief economist says higher oil no longer gives Canada the economic boost it once did, because oil capex has not recovered since 2014-16 and the U.S. is now a major producer.

- Date: 2022-02-17 · published 2022-02-17T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/42921-why-oil-and-the-canadian-dollar-are-breaking-up-the-globe-and-mail
- 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 weakening oil-loonie link is an analytical observation about currency and energy correlation, with limited direct effect on feed commodity prices.

## Read by commodity

- WTI: bullish ▲
- USDCAD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-04-27 | [David Rosenberg: Why I’m turning bullish on the Canadian dollar - The Globe and Mail](https://feedsoft.ai/events/71745-david-rosenberg-why-i-m-turning-bullish-on-the-canadian-dollar-the-globe-and.md) | -3.1% | +3.6% |
| WTI | 2026-04-29 | [Canadian dollar steadies as oil lifts BoC rate hike bets - The Globe and Mail](https://feedsoft.ai/events/19934-canadian-dollar-steadies-as-oil-lifts-boc-rate-hike-bets-the-globe-and-mail.md) | +2.2% | -10.9% |
| WTI | 2022-06-03 | [Canadian dollar dips but posts 3rd weekly gain on soaring oil prices - The Globe and Mail](https://feedsoft.ai/events/41187-canadian-dollar-dips-but-posts-3rd-weekly-gain-on-soaring-oil-prices-the-globe.md) | +4.0% | -6.2% |
| WTI | 2023-02-23 | [Canadian dollar claws back some recent declines as oil rallies - The Globe and Mail](https://feedsoft.ai/events/37575-canadian-dollar-claws-back-some-recent-declines-as-oil-rallies-the-globe-and.md) | +4.9% | -4.3% |
| WTI | 2024-03-28 | [Canadian dollar gains as data shows economy ‘humming along’ - The Globe and Mail](https://feedsoft.ai/events/31432-canadian-dollar-gains-as-data-shows-economy-humming-along-the-globe-and-mail.md) | +6.4% | +3.2% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/business/article-you-can-go-your-own-way-why-oil-and-the-loonie-are-breaking-up/

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