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How & Why Oil Impacts The Canadian Dollar

  • Education
Crude Oil

The currency rate between Canada and the United States is frequently highly connected with the price of oil.
when the price of oil rises in the long run the value of the Canadian dollar (commonly known as the loonie) rises in relation to the US dollars.
That correlation is directly related to how Canada gets the majority of its US dollars through the sale of crude oil and the percentage of Canada’s revenue that this represents.
the Canadian dollar tends to move in lock step with oil prices.
Canada is one of the top five oil-producing and exporting countries in the world. The future of Canadian oil is uncertain as export costs rise and many countries and industries shift to renewable energy sources