So what would $100-a-barrel oil, or generally higher oil prices, mean for Canada? The loonie used to move more in tandem with oil prices, but because Canadian oil trades at a deep discount to global oil prices, the loonie won't move up as much with oil prices as it would have before, McTeague said. (Canadian oil is trading at a discount to global oil prices due primarily to the rail and pipeline bottlenecks the industry is suffering from, analysts say. ($100 oil by next year) would be too much for the world to handle. I can say that prices higher than the existing level may not be good news for the producers themselves."

Source: Huffington Post May 20, 2018 15:00 UTC