# Why the loonie’s lows are behind us - The Globe and Mail

> National Bank of Canada economist Krishen Rangasamy says the Canadian dollar's short-term lows are likely in, citing record speculative net shorts on the loonie. Saudi Arabia and Russia extended oil production cuts into next year, which steadied the currency.

- Date: 2017-05-15 · published 2017-05-15T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/71236-why-the-loonie-s-lows-are-behind-us-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

Record bearish positioning and an oil-price rally that has outpaced the loonie point to possible currency recovery, which affects the cost of Canadian-origin feed ingredients and canola meal for US and other buyers.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2017-11-15 | [The loonie is refusing to take its cue from oil - The Globe and Mail](https://feedsoft.ai/events/68197-the-loonie-is-refusing-to-take-its-cue-from-oil-the-globe-and-mail.md) | +2.1% | +1.6% |
| WTI | 2017-04-27 | [David Rosenberg: Why I’m turning bullish on the Canadian dollar - The Globe and Mail](https://feedsoft.ai/events/71745-david-rosenberg-why-i-m-turning-bullish-on-the-canadian-dollar-the-globe-and.md) | -3.1% | +3.6% |
| 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% |
| 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% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/globe-investor/inside-the-market/why-the-loonies-lows-are-behind-us/article34989309/

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