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Canada to feel impact of dropping oil prices - TD Securities

FXStreet (Łódź) - The TD Securities team of experts analyze the possible impact of the continued drop in oil prices on the Canadian economy.

Key quotes

"The sharp decline in the price of oil will undoubtedly have an impact on the Canadian economy, as merchandise exports fall and new investment in the commodity sector may be delayed."

"However, the equally pronounced fall in the currency paired with relative strength in the US economy does help to provide a partial offset to help limit the damage."

"The correlation between energy prices and the CAD have tightened in recent days, which will likely mean we reach our 2015Q1 USDCAD forecast of 1.15 sooner with a risk of an additional extension higher should oil prices fall further."

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