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The Canadian dollar fell to around 70.5 US cents on March 17 after a more than 1% drop, and is at a four-year low. Analysts said it could fall below 70 cents as the virus and OPEC's decision to boost oil supply weighed on the currency.
WTI crude fell about 6% to around $27 a barrel, from above $50 a month earlier.
Oil's plunge and the loonie's slide are linked, since the Canadian dollar tends to move with crude. A weaker currency makes U.S. imports more expensive for Canadian buyers, while lower oil cuts energy costs.
cbc.caKyle BakxMar 18, 2020Not enough comparable past events yet for a historical read.
After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Reports WTI falling about 6% to around $27 on March 17 as virus effects and OPEC's supply boost weighed.
