# Canadian dollar steadies as oil lifts BoC rate hike bets - The Globe and Mail

> The Canadian dollar steadied against the US dollar as a jump in oil prices raised expectations of multiple Bank of Canada rate hikes this year. The BoC held its rate at 2.25%, and markets priced 59 basis points of tightening in 2026. US crude settled nearly 7% higher at $106.88 a barrel amid deadlocked US-Iran negotiations.

- Date: 2026-04-29 · published 2026-04-29T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/19934-canadian-dollar-steadies-as-oil-lifts-boc-rate-hike-bets-the-globe-and-mail
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Higher oil supports the loonie and signals tighter Canadian and US financing costs, which can weigh on feed-buying margins and currency-sensitive export pricing. Crude strength also raises diesel and fertilizer costs for farmers.

## Read by commodity

- DXY: neutral
- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-09-22 | [Rate hike bets lift Canadian dollar to second straight weekly gain - The Globe and Mail](https://feedsoft.ai/events/34334-rate-hike-bets-lift-canadian-dollar-to-second-straight-weekly-gain-the-globe.md) | +2.3% | -0.3% |
| WTI | 2020-02-19 | [Canadian dollar gains as oil rallies on Chinese stimulus hopes - The Globe and Mail](https://feedsoft.ai/events/54806-canadian-dollar-gains-as-oil-rallies-on-chinese-stimulus-hopes-the-globe-and.md) | -4.3% | -48.2% |
| WTI | 2024-02-06 | [Canadian dollar rebounds as Macklem strikes hawkish tone on rates - The Globe and Mail](https://feedsoft.ai/events/31917-canadian-dollar-rebounds-as-macklem-strikes-hawkish-tone-on-rates-the-globe-and.md) | +5.7% | +7.8% |
| WTI | 2023-02-23 | [Canadian dollar claws back some recent declines as oil rallies - The Globe and Mail](https://feedsoft.ai/events/37575-canadian-dollar-claws-back-some-recent-declines-as-oil-rallies-the-globe-and.md) | +4.9% | -4.3% |
| WTI | 2022-02-17 | [Why oil and the Canadian dollar are breaking up - The Globe and Mail](https://feedsoft.ai/events/42921-why-oil-and-the-canadian-dollar-are-breaking-up-the-globe-and-mail.md) | -1.1% | +9.8% |
| DXY | 2020-03-03 | [Canadian dollar weakens as investors bet on Bank of Canada matching Fed rate cut - The Globe and Mail](https://feedsoft.ai/events/54361-canadian-dollar-weakens-as-investors-bet-on-bank-of-canada-matching-fed-rate.md) | +0.3% | +5.5% |
| DXY | 2019-01-21 | [Canadian dollar weakens as IMF cuts world growth outlook, data shows slowdown in China’s economy - The Globe and Mail](https://feedsoft.ai/events/61321-canadian-dollar-weakens-as-imf-cuts-world-growth-outlook-data-shows-slowdown-in.md) | -0.4% | +0.0% |
| DXY | 2023-11-16 | [Dollar steady as U.S. jobless claims boost Fed rate cut bets](https://feedsoft.ai/events/10103-dollar-steady-as-u-s-jobless-claims-boost-fed-rate-cut-bets.md) | -0.3% | -1.2% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/article-canadian-dollar-steadies-as-oil-lifts-boc-rate-hike-bets/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.