# Will the Canadian dollar become a petrocurrency again? | Financial Post

> Scotiabank's currency strategist says the loonie's correlation with crude oil, which hit a near three-year low, should reassert itself now that crude has broken above its US$40-55 range. Commodities important to Canada have outperformed their peers since early 2016.

- Date: 2017-11-09 · published 2017-11-09T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/68199-will-the-canadian-dollar-become-a-petrocurrency-again-financial-post
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

If oil drives the loonie higher, Canadian export pricing shifts and the outlook for oil-linked feed costs changes.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-01-19 | [Canadian dollar gains as stimulus hopes boost Wall Street \| Financial Post](https://feedsoft.ai/events/49373-canadian-dollar-gains-as-stimulus-hopes-boost-wall-street-financial-post.md) | +0.9% | +14.9% |
| WTI | 2022-06-07 | [Canadian dollar hits a 7-week high as yield spreads widen \| Financial Post](https://feedsoft.ai/events/41183-canadian-dollar-hits-a-7-week-high-as-yield-spreads-widen-financial-post.md) | +2.1% | -15.8% |
| WTI | 2020-12-02 | [Canadian dollar notches a 2-year high on higher oil prices \| Financial Post](https://feedsoft.ai/events/49875-canadian-dollar-notches-a-2-year-high-on-higher-oil-prices-financial-post.md) | +2.4% | +8.4% |
| WTI | 2021-11-10 | [Canadian dollar outperforms G10 peers as oil clings to recent gains \| Financial Post](https://feedsoft.ai/events/44267-canadian-dollar-outperforms-g10-peers-as-oil-clings-to-recent-gains-financial.md) | -4.0% | -13.9% |
| WTI | 2021-09-28 | [Canadian dollar retreats from 3-week high as bond yields climb \| Financial Post](https://feedsoft.ai/events/45281-canadian-dollar-retreats-from-3-week-high-as-bond-yields-climb-financial-post.md) | +2.8% | +11.7% |

## Sources

- financialpost.com: https://financialpost.com/investing/will-the-canadian-dollar-become-a-petrocurrency-again

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