# Canadian dollar rebounds against ‘technically overbought’ greenback - The Globe and Mail

> The Canadian dollar rallied about 0.6% to 1.4365 per US dollar on Thursday after touching its weakest level since March 2020. Technical indicators showed the US dollar overbought against the loonie to a degree not seen in over two years. Oil fell 0.8% to $70.02 a barrel.

- Date: 2024-12-19 · published 2024-12-19T12:00:00.000Z
- Category: market · region Canada · magnitude low
- Page: https://feedsoft.ai/events/27208-canadian-dollar-rebounds-against-technically-overbought-greenback-the-globe-and
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Oil is one of Canada's main exports, so the lower crude price weighs on the loonie and on Canadian energy trade. The currency and crude moves together influence the cost of Canadian feed and energy inputs.

## Read by commodity

- WTI: bearish ▼
- USDCAD: neutral

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-canadian-dollar-rebounds-against-technically-overbought-greenback/

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