# Canadian Dollar Weakened but Not Headed for Historical Lows - RBC Economics

> The Canadian dollar fell below 70 US cents this week, dropping to a four-year low of 69 cents before recovering slightly. The decline reflected broad U.S. dollar strength, risk aversion and collapsing energy prices. The Bank of Canada cut its overnight rate to the effective lower bound and launched its first quantitative easing program.

- Date: 2020-03-27 · published 2020-03-27T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/54355-canadian-dollar-weakened-but-not-headed-for-historical-lows-rbc-economics
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The currency's weakness is driven by a stronger U.S. dollar and lower oil, which raises the cost of imported feed inputs for Canadian buyers. Further Bank of Canada easing could push the loonie lower.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-01-27 | [Canadian dollar weakens as oil falls, investors brace for Poloz](https://feedsoft.ai/events/73216-canadian-dollar-weakens-as-oil-falls-investors-brace-for-poloz.md) | +0.2% | +1.1% |
| WTI | 2022-04-29 | [Canadian dollar hits 7-week low - Business & Finance - Business Recorder](https://feedsoft.ai/events/42107-canadian-dollar-hits-7-week-low-business-and-finance-business-recorder.md) | +2.6% | +9.5% |
| WTI | 2019-11-22 | [Canadian dollar ends week lower as economic threat from CN strike builds - The Globe and Mail](https://feedsoft.ai/events/56304-canadian-dollar-ends-week-lower-as-economic-threat-from-cn-strike-builds-the.md) | -2.2% | +3.4% |
| WTI | 2025-03-13 | [Canadian dollar weakens as trade war spooks investors](https://feedsoft.ai/events/25825-canadian-dollar-weakens-as-trade-war-spooks-investors.md) | -0.5% | -7.6% |
| WTI | 2018-10-31 | [Lower Oil Prices: Canadian Dollar Hits 7-Week Low \| Investors King](https://feedsoft.ai/events/62781-lower-oil-prices-canadian-dollar-hits-7-week-low-investors-king.md) | -6.0% | -24.2% |

## Sources

- rbc.com: https://www.rbc.com/en/economics/canadian-analysis/featured-analysis/insights/canadian-dollar-weakened-but-not-headed-for-historical-lows/

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