Financial Post: Rising oil prices on Israel attack on Iran could revive Canadian dollar's 'petrocurrency status,' analysts say

“The Canadian dollar is outperforming most of its advanced-economy brethren as rising crude prices drive buying interest,” Karl Schamotta, chief market strategist at Corpay Currency Research, said in a note. “Correlations between the loonie and oil prices have tended to peak when the West Texas Intermediate benchmark has entered the US$75-US$100 per barrel range.” Crude at US$75 a barrel is above the breakeven production point for Canadian oil producers. Schamotta said that means investment in Canadian energy could rise, possibly bringing the “loonie’s ‘petrocurrency’ status back to life.” Financial Post: Rising oil prices on Israel attack on Iran could revive Canadian dollar's 'petrocurrency status,' analysts say