Canada’s dollar has increasingly been viewed as a petrol currency over the last few years, but an analyst at Scotiabank expects oil will be a “neutral driver” of the loonie next year.

The loonie has been slapped with the petrol term because it tends to do well in periods when the price of oil is strong, which in turn boosts the Canadian economy. But Camilla Sutton, chief currency strategist at Scotiabank, sees strong oil prices both hurting and benefiting the loonie in 2013.

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