# Wither the loonie? | ATB Financial

> The loonie began a noticeable decline in the second week of March, shortly after the Russia-Saudi oil price war broke out. It closed just below 0.69 US on March 18 and ended the week just below 0.70, down more than 7 cents from the start of the year. The currency has been highly sensitive to oil prices.

- Date: 2020-03-23 · published 2020-03-23T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/54358-wither-the-loonie-atb-financial
- 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 loonie's sensitivity to crude means that oil-driven moves in the currency feed directly into Canadian input costs and export competitiveness. The volatility is expected to persist as the economy adjusts.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-03-15 | [Posthaste: Why the loonie has taken its foot off the gas during this oil boom - Financial Post](https://feedsoft.ai/events/42502-posthaste-why-the-loonie-has-taken-its-foot-off-the-gas-during-this-oil-boom.md) | +8.7% | -8.6% |
| WTI | 2022-09-29 | [C$ slides as currency handbook goes 'out the window' \| Financial Post](https://feedsoft.ai/events/39814-c-slides-as-currency-handbook-goes-out-the-window-financial-post.md) | +6.8% | +7.8% |
| WTI | 2017-06-15 | [Oil and U.S. dollar conspire to push down loonie as this week's gains lose some loft - Financial Post](https://feedsoft.ai/events/70741-oil-and-u-s-dollar-conspire-to-push-down-loonie-as-this-week-s-gains-lose-some.md) | -5.1% | +2.9% |
| WTI | 2019-05-31 | [What will reverse the loonie’s recent declines](https://feedsoft.ai/events/59320-what-will-reverse-the-loonie-s-recent-declines.md) | -6.9% | +4.9% |
| WTI | 2022-03-25 | [Thai baht, Asian FX gain as oil prices come off the boil \| Financial Post](https://feedsoft.ai/events/42509-thai-baht-asian-fx-gain-as-oil-prices-come-off-the-boil-financial-post.md) | -11.6% | -9.7% |

## Sources

- atb.com: https://www.atb.com/company/insights/the-twenty-four/whither-the-loonie/

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