# This chart helps explain the abrupt shift to bearishness on the loonie - The Globe and Mail

> Scotiabank reported that speculators switched from a large net long to a large net short in the Canadian dollar in the week to March 24, the largest week-on-week swing in net CAD positioning it had seen. The article links this to similar patterns in WTI crude futures positioning.

- Date: 2017-03-27 · published 2017-03-27T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/72215-this-chart-helps-explain-the-abrupt-shift-to-bearishness-on-the-loonie-the
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The loonie's move tracks crude, so continued oil weakness pushes the Canadian dollar lower and makes Canadian exports cheaper, a modest bearish factor for Canadian meal and oilseed prices.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-08-23 | [Five reasons the loonie has been falling: BMO - The Globe and Mail](https://feedsoft.ai/events/45793-five-reasons-the-loonie-has-been-falling-bmo-the-globe-and-mail.md) | +10.5% | +13.0% |
| WTI | 2020-03-17 | [Canadian dollar sinking: The petro-loonie resurfaces at exactly the wrong time - The Globe and Mail](https://feedsoft.ai/events/54359-canadian-dollar-sinking-the-petro-loonie-resurfaces-at-exactly-the-wrong-time.md) | -19.2% | -30.3% |
| WTI | 2022-10-31 | [Canadian dollar slips to six-day low as oil prices fall - The Globe and Mail](https://feedsoft.ai/events/39347-canadian-dollar-slips-to-six-day-low-as-oil-prices-fall-the-globe-and-mail.md) | +5.4% | -12.2% |
| WTI | 2018-11-23 | [Still loonie after all these years: Canadian dollar will still be impaired two years from now, CIBC says - The Globe and Mail](https://feedsoft.ai/events/62275-still-loonie-after-all-these-years-canadian-dollar-will-still-be-impaired-two.md) | -5.6% | -16.1% |
| WTI | 2020-02-03 | [Canadian dollar slides to two-month low as China virus hits oil demand - The Globe and Mail](https://feedsoft.ai/events/54810-canadian-dollar-slides-to-two-month-low-as-china-virus-hits-oil-demand-the.md) | -2.4% | -9.3% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/globe-investor/inside-the-market/oil-partially-driving-latest-bearishness-on-loonie/article34440460/

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