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Mar 5, 2022 · Key Takeaways. The Canadian dollar, called the "loonie," tends to run lockstep with oil prices. Canada is among the top 5 oil-producing and exporting countries. The future of Canadian oil is...
Dec 15, 2021 · TORONTO, Dec 15 (Reuters) - The Canadian dollar weakened to its lowest level in nearly three months against its U.S. counterpart on Wednesday as the fast-spreading Omicron variant weighed on...
USD/CAD and the oil price have a positive correlation. (The y-axis to USD/CAD is reversed.) When oil prices rise, the Canadian dollar . CAD peaked out and reversed before oil prices did in 2008 and 2014. Canada is one of the world's largest exporters of commodities, including crude oil.
Mar 30, 2022 · The total cost of all imported crude oil was $14.7 billion in 2021, an increase of 30% from 2020 when the cost was $11.3 billion. This increase is primarily because global crude oil prices recovered in 2021, following historic lows seen in 2020 at the onset of the COVID-19 pandemic. The average cost of an imported barrel was about $85 4 in 2021.
Nov 26, 2021 · Canadian dollar loses 0.9% against the greenback; Touches its weakest level since Sept. 22 at 1.2799; Price of U.S. oil settles 13.1% lower; Canadian 10-year yield tumbles 18.2 basis points
And to make the correlation clearer, we can invert USD/CAD to show how both markets move pretty much at the same time (i.e., crude oil will gain value with the Canadian dollar while the U.S. dollar falls…and vice versa. Check it out in the chart below: Crude Oil vs. USD/CAD Inverted.
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Dec 2, 2021 · The US dollar gained against most commodity-sensitive currencies, including the Canadian (CAD) and Australian dollars (AUD), as WTI crude oil prices extended their decline from near US$85/bbl in early-November to as low as US$62.50/bbl in recent trading.
