# Canadian dollar forecasts slashed, bracing for recession | Financial Post

> Analysts in a Reuters poll cut their Canadian dollar forecasts as the coronavirus pandemic threatens a deep recession in Canada. The loonie has fallen more than 8% since the start of the year, hit by the outbreak and an oil price war.

- Date: 2020-04-03 · published 2020-04-03T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/53865-canadian-dollar-forecasts-slashed-bracing-for-recession-financial-post
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A weaker loonie is expected to persist, which tends to make Canadian-sourced commodities cheaper for foreign buyers while signaling weaker domestic demand.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-06-11 | [Canadian dollar slides as investor risk appetite wanes \| Financial Post](https://feedsoft.ai/events/52864-canadian-dollar-slides-as-investor-risk-appetite-wanes-financial-post.md) | -4.1% | +0.2% |
| WTI | 2020-10-30 | [Commodity currencies slide on oil, dollar braces for election \| Financial Post](https://feedsoft.ai/events/50816-commodity-currencies-slide-on-oil-dollar-braces-for-election-financial-post.md) | +7.3% | +26.5% |
| WTI | 2022-11-18 | [Canadian dollar extends weekly decline as oil prices slide \| Financial Post](https://feedsoft.ai/events/38908-canadian-dollar-extends-weekly-decline-as-oil-prices-slide-financial-post.md) | -6.5% | -9.1% |
| WTI | 2021-10-21 | [Canadian dollar falls by most in three weeks as oil stumbles \| Financial Post](https://feedsoft.ai/events/44823-canadian-dollar-falls-by-most-in-three-weeks-as-oil-stumbles-financial-post.md) | -1.9% | -7.0% |
| WTI | 2021-07-27 | [Canadian dollar falls as China stock sell-off spooks investors \| Financial Post](https://feedsoft.ai/events/46272-canadian-dollar-falls-as-china-stock-sell-off-spooks-investors-financial-post.md) | -1.1% | -8.9% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/canadian-dollar-forecasts-slashed-bracing-for-recession

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