# Canada and the loonie: Oiling up the engine | articles | ING THINK

> ING forecasts USD/CAD will trend lower to 1.31 in 4Q20 as oil and global risk appetite recover. The bank says the oil price collapse has hit Canada's economy hard, with Bank of Canada GDP estimates of a 15-30% plunge in the second quarter.

- Date: 2020-05-15 · published 2020-05-15T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/53361-canada-and-the-loonie-oiling-up-the-engine-articles-ing-think
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

This is a currency forecast tied to oil recovery, with no direct new supply or demand event for feed commodities.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-04-12 | [The Commodities Feed: All eyes on US CPI \| articles \| ING THINK](https://feedsoft.ai/events/36345-the-commodities-feed-all-eyes-on-us-cpi-articles-ing-think.md) | -0.8% | -9.6% |
| WTI | 2021-03-03 | [Re-assessing the commodity-FX relation \| articles \| ING THINK](https://feedsoft.ai/events/12207-re-assessing-the-commodity-fx-relation-articles-ing-think.md) | +7.2% | +1.4% |
| WTI | 2026-10-20 | [Canadian dollar outlook: oil prices and Fed signals drive the loonie By Investing.com](https://feedsoft.ai/events/17267-canadian-dollar-outlook-oil-prices-and-fed-signals-drive-the-loonie-by.md) | -0.2% | — |
| WTI | 2022-02-17 | [Why oil and the Canadian dollar are breaking up - The Globe and Mail](https://feedsoft.ai/events/42921-why-oil-and-the-canadian-dollar-are-breaking-up-the-globe-and-mail.md) | -1.1% | +9.8% |
| WTI | 2017-11-15 | [The loonie is refusing to take its cue from oil - The Globe and Mail](https://feedsoft.ai/events/68197-the-loonie-is-refusing-to-take-its-cue-from-oil-the-globe-and-mail.md) | +2.1% | +1.6% |

## Sources

- think.ing.com: https://think.ing.com/articles/canada-and-the-loonie-oiling-up-the-engine/

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