Torn Between Oil and Stimulus, Loonie’s Fate Hinges on 2016 Low
- At one point this week, loonie had fallen 10% for the year
- Recession fears have hurt, but it still outperforms the pound
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The Canadian dollar has looked over the abyss and stepped back, pulled between an historic drop in oil prices and the possibility of an economic rebound later in the year.
The coronavirus pandemic, a collapse in Canadian crude to a record low and the rush to U.S. dollars sent the loonie tumbling; at one point this week, it was more than 10% down for the year.