Posthaste: This 'important driver' of the Canadian dollar is broken, economist says [Financial Post (Toronto, Ontario, Canada)]
Canadian Natural Resources Limited (CNQ)
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Source: Financial Post
Remember the days when the price of oil would go up and the loonie would follow suit? Article content The long-established link between the Canadian dollar and the price of oil — “an important driver” of the currency — is ruptured, a new analysis suggests and it could have to do with the way oil majors at home are spending their cash. “The good old way of seeing the Canadian dollar is over. We need to put that to rest,” said Charles St-Arnaud, chief economist at credit union Alberta Central. Article content Over the last year, higher oil prices have failed to translate into an appreciating Canadian dollar, St-Arnaud said in a recent note, putting an exclamation point on the notion that the loonie appears to be a “petro-currency” no more. The Calgary-based economist said there was a clear break in the relationship between currency and commodity starting in 2016 that has “become acute over the past year.” Recall that in 2007, just prior to the Great Recession, U.S. benchm
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