This divergence suggests that oil prices are not the sole driver of the Canadian dollar’s performance. Other factors are providing more substantial support for the Canadian currency in the current market conditions. Several key macro factors are insulating the Loonie from the recent slide in oil prices. If oil prices fall for a while, it would hurt export earnings and the Canadian dollar. Geopolitical risks can sometimes support the dollar as a safe-haven asset, while at other times, they can boost oil prices and the Canadian dollar.