# Still loonie after all these years: Canadian dollar will still be impaired two years from now, CIBC says - The Globe and Mail

> CIBC economists trimmed their Canadian dollar forecast for the fourth quarter after the oil price slump and US dollar strength, and expect the loonie to remain weak through 2020. They noted that WCS has suffered far more than WTI, and that a Bank of Canada hike in early 2019 could come if OPEC curbs production.

- Date: 2018-11-23 · published 2018-11-23T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/62275-still-loonie-after-all-these-years-canadian-dollar-will-still-be-impaired-two
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A weaker loonie is expected to persist, supporting Canadian export competitiveness, while oil weakness signals pressure on Canadian energy-linked revenues. OPEC production cuts would be the main upside risk for oil and the currency.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2024-07-26 | [Canadian dollar posts longest losing streak in six years as oil falls - The Globe and Mail](https://feedsoft.ai/events/29504-canadian-dollar-posts-longest-losing-streak-in-six-years-as-oil-falls-the-globe.md) | -2.3% | -7.0% |
| WTI | 2021-08-31 | [Canadian dollar steadies after ‘limited’ reaction to GDP miss - The Globe and Mail](https://feedsoft.ai/events/45789-canadian-dollar-steadies-after-limited-reaction-to-gdp-miss-the-globe-and-mail.md) | -1.2% | +8.9% |
| 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 | 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/business/briefing/article-still-loonie-after-all-these-years-canadian-dollar-will-still-be/

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