TORONTO (CU)_Amid escalating conflict between Russia and Ukraine over the recent weeks, the United States, together with the UK and other western allies have increased pressure on Moscow, prompting energy prices in the global market to soar. However, the Canadian dollar has languished in the face of increasing crude prices, raising questions on whether the loonie, historically considered a petrocurrency, is losing its link with oil.
According to Avery Shenfeld, chief economist at CIBC Capital Markets, the Canadian dollar continues to sit close to where it stood in early-2021, a time when West Texas Intermediate (WTI) prices were running in the US$50 per barrel range. “The most recent spike on the outbreak of war created a…
