# Posthaste: The loonie's not done yet. BofA sees Canadian dollar at 83 cents next year - Financial Post

> Bank of America Global Research forecasts the Canadian dollar will reach 81.30 US cents by the first quarter of 2022 and 83.33 cents by the second. The loonie had fallen from the 80s to 77 cents amid Omicron fears and lower commodity prices. BofA expects WTI to average $82 a barrel next year.

- Date: 2021-12-16 · published 2021-12-16T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/43859-posthaste-the-loonie-s-not-done-yet-bofa-sees-canadian-dollar-at-83-cents-next
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A forecast WTI rebound would support Canadian export income and the loonie. BofA's model links a 10% oil rise to roughly a 1% fall in USDCAD, which makes oil the key price driver.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-02-26 | [Posthaste: Why the high-flying loonie could soar to 84 cents this year - Financial Post](https://feedsoft.ai/events/48893-posthaste-why-the-high-flying-loonie-could-soar-to-84-cents-this-year-financial.md) | +0.6% | -7.8% |
| WTI | 2020-12-02 | [Canadian dollar notches a 2-year high on higher oil prices \| Financial Post](https://feedsoft.ai/events/49875-canadian-dollar-notches-a-2-year-high-on-higher-oil-prices-financial-post.md) | +2.4% | +8.4% |
| WTI | 2018-01-02 | [Loonie starts the year on a tear, cracking 80 cents with a big boost from oil \| Financial Post](https://feedsoft.ai/events/67204-loonie-starts-the-year-on-a-tear-cracking-80-cents-with-a-big-boost-from-oil.md) | +2.1% | +6.9% |
| WTI | 2017-11-09 | [Will the Canadian dollar become a petrocurrency again? \| Financial Post](https://feedsoft.ai/events/68199-will-the-canadian-dollar-become-a-petrocurrency-again-financial-post.md) | -2.7% | -0.4% |
| WTI | 2021-12-10 | [Canadian dollar set to end weekly losing streak as oil rallies \| Financial Post](https://feedsoft.ai/events/43855-canadian-dollar-set-to-end-weekly-losing-streak-as-oil-rallies-financial-post.md) | +2.1% | +11.4% |

## Sources

- financialpost.com: https://financialpost.com/news/posthaste-the-loonies-not-done-yet-bofa-sees-canadian-dollar-at-83-cents-next-year/

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