# Loonie dips below 70 cents US as coronavirus impact lingers | CBC News

> 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.

- Date: 2020-03-18 · published 2020-03-18T12:00:00.000Z
- Category: macro · region Canada · magnitude medium
- Page: https://feedsoft.ai/events/54356-loonie-dips-below-70-cents-us-as-coronavirus-impact-lingers-cbc-news
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2020-03-17 | 1 | -13.2% | -3.8 | Reports WTI falling about 6% to around $27 on March 17 as virus effects and OPEC's supply boost weighed. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-03-30 | [Coronavirus: Oil price collapses to lowest level for 18 years - BBC News](https://feedsoft.ai/events/5323-coronavirus-oil-price-collapses-to-lowest-level-for-18-years-bbc-news.md) | +64.1% | -28.3% |
| WTI | 2018-05-26 | [Loonie sinks to two-week low: Is this the start of another big drop? \| CBC News](https://feedsoft.ai/events/65242-loonie-sinks-to-two-week-low-is-this-the-start-of-another-big-drop-cbc-news.md) | -4.6% | +2.0% |
| WTI | 2020-01-29 | [The Canadian Dollar Is Unprepared for Coronavirus Impact on Bank of Canada Outlook](https://feedsoft.ai/events/55307-the-canadian-dollar-is-unprepared-for-coronavirus-impact-on-bank-of-canada.md) | -7.1% | -8.8% |
| WTI | 2020-06-24 | [C$ dips as pickup in coronavirus cases weighs on sentiment \| Financial Post](https://feedsoft.ai/events/52860-c-dips-as-pickup-in-coronavirus-cases-weighs-on-sentiment-financial-post.md) | -2.8% | +3.7% |
| WTI | 2020-02-27 | [Oil prices dive to lowest in over a year on coronavirus fears \| Reuters](https://feedsoft.ai/events/7109-oil-prices-dive-to-lowest-in-over-a-year-on-coronavirus-fears-reuters.md) | -3.9% | -55.0% |

## Sources

- cbc.ca: https://www.cbc.ca/news/business/loonie-currency-oil-covid-19-1.5500421

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