top of page
Search

🛢️💱Canadian Dollar Detached From Crude Oil: Cable FX Macro

  • It's not news to see the loonie trading detached from energy prices, the chart below shows the 120-day correlation coefficient dropping since late 2023

  • This year, crude oil futures track double-digit gains while the Canadian dollar is down 3.3%. This has taken the 120-day correlation to the lowest level since mid-2014

  • We have previously noted USD/CAD trading in line with rate differentials. There's now a 75bps Fed-BoC policy rate spread, a 25bps widening will take the differential to the highest since 2007


ree

 
 
 

Comments

© 2025

CableFXWHITEdropshadow.png
  • X
  • LinkedIn
  • RSS
  • Email
  • Whatsapp

Investing and trading involve risk. This includes the possible loss of principal and fluctuations in value. There is no assurance that objectives will be met. Do not risk capital that you cannot afford to lose.  

bottom of page