# The (accidental) allies in the war against the loonie - The Globe and Mail

> The Canadian dollar fell below 73 US cents on May 2, extending losses against a backdrop of weak oil prices, housing concerns and trade uncertainty. Scotiabank expects the loonie to bottom below 71.5 cents in coming months.

- Date: 2017-05-03 · published 2017-05-03T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/71239-the-accidental-allies-in-the-war-against-the-loonie-the-globe-and-mail
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Continued loonie weakness makes Canadian canola and other exports cheaper for US buyers, which can weigh on canola meal prices in global feed markets.

## Read by commodity

- USDCAD: bullish ▲

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/report-on-business/top-business-stories/loonie-home-capital-donald-trump-cadusd-softwood-oil-toronto-housing-bubble/article34882369/

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