# Canadian dollar sinking: The petro-loonie resurfaces at exactly the wrong time - The Globe and Mail

> The Canadian dollar is being pushed lower by the Russia-Saudi oil price war, which has caused a price collapse, and the loonie has re-linked to crude on the downside. Scott Barlow notes that the currency is tracking oil and bond yield spreads. The article shows charts of the loonie, Western Canadian Select crude and copper.

- Date: 2020-03-17 · published 2020-03-17T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/54359-canadian-dollar-sinking-the-petro-loonie-resurfaces-at-exactly-the-wrong-time
- 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 slide and the loonie's weakness weigh on Canadian export revenue and farm input prices. The link between the two means that oil moves will continue to drive currency-related cost swings.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-12-20 | [The Canadian dollar and the price at the gas pump: Why you can’t win for losing - The Globe and Mail](https://feedsoft.ai/events/61782-the-canadian-dollar-and-the-price-at-the-gas-pump-why-you-can-t-win-for-losing.md) | -6.7% | +12.5% |
| WTI | 2022-10-31 | [Canadian dollar slips to six-day low as oil prices fall - The Globe and Mail](https://feedsoft.ai/events/39347-canadian-dollar-slips-to-six-day-low-as-oil-prices-fall-the-globe-and-mail.md) | +5.4% | -12.2% |
| WTI | 2020-12-01 | [Canadian dollar strengthens as economy grows at a record pace - The Globe and Mail](https://feedsoft.ai/events/49874-canadian-dollar-strengthens-as-economy-grows-at-a-record-pace-the-globe-and-mail.md) | +1.1% | +5.9% |
| WTI | 2020-01-29 | [Canadian dollar nears seven-week low as oil prices fall - The Globe and Mail](https://feedsoft.ai/events/55300-canadian-dollar-nears-seven-week-low-as-oil-prices-fall-the-globe-and-mail.md) | -7.1% | -8.8% |
| WTI | 2018-12-31 | [Canadian dollar ends 2018 with worst year since 2015 - The Globe and Mail](https://feedsoft.ai/events/61777-canadian-dollar-ends-2018-with-worst-year-since-2015-the-globe-and-mail.md) | +7.0% | +14.7% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/article-the-petro-loonie-resurfaces-at-exactly-the-wrong-time/

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