# The loonie is refusing to take its cue from oil - The Globe and Mail

> Analysts at BMO, TD and Scotiabank forecast the loonie will gain from rising oil prices, but the Canadian dollar has so far tracked bond yields rather than crude. TD strategist Mark McCormick expects a recoupling with WTI if crude moves from $55 to $60.

- Date: 2017-11-15 · published 2017-11-15T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/68197-the-loonie-is-refusing-to-take-its-cue-from-oil-the-globe-and-mail
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Currency moves affect Canadian feed and commodity export pricing; a firmer loonie would weigh on Canadian-origin canola meal and barley returns in US dollar terms.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-05-15 | [Why the loonie’s lows are behind us - The Globe and Mail](https://feedsoft.ai/events/71236-why-the-loonie-s-lows-are-behind-us-the-globe-and-mail.md) | +5.2% | -3.6% |
| WTI | 2022-02-17 | [Why oil and the Canadian dollar are breaking up - The Globe and Mail](https://feedsoft.ai/events/42921-why-oil-and-the-canadian-dollar-are-breaking-up-the-globe-and-mail.md) | -1.1% | +9.8% |
| WTI | 2021-12-03 | [Canadian dollar rebounds from 10-week low after jobs surge - The Globe and Mail](https://feedsoft.ai/events/43857-canadian-dollar-rebounds-from-10-week-low-after-jobs-surge-the-globe-and-mail.md) | +6.5% | +13.1% |
| WTI | 2019-11-15 | [Canadian dollar recovers from one-month low as risk appetite climbs - The Globe and Mail](https://feedsoft.ai/events/56315-canadian-dollar-recovers-from-one-month-low-as-risk-appetite-climbs-the-globe.md) | +3.2% | +6.1% |
| WTI | 2026-04-29 | [Canadian dollar steadies as oil lifts BoC rate hike bets - The Globe and Mail](https://feedsoft.ai/events/19934-canadian-dollar-steadies-as-oil-lifts-boc-rate-hike-bets-the-globe-and-mail.md) | +2.2% | -10.9% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/globe-investor/inside-the-market/strategists-see-higher-crude-prices-giving-canadian-dollar-a-boost/article36994697/

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