# The loonie is trading at lows not seen in years. Here's what it means for Canadians

> The Canadian dollar fell below 72 U.S. cents for the first time in more than four years, closing near 71.86 cents. Analysts attribute the drop to diverging Canadian and U.S. growth outlooks and interest rate expectations, with the Bank of Canada having cut its key rate by half a point.

- Date: 2024-10-30 · published 2024-10-30T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/28115-the-loonie-is-trading-at-lows-not-seen-in-years-here-s-what-it-means-for
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lower loonie values raise the cost of U.S.-denominated feed ingredients for Canadian buyers while making Canadian exports cheaper abroad. Continued pressure would mainly affect import-dependent feed costs in Canada.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2025-04-28 | [Loonie strengthens as Canadians head to the polls](https://feedsoft.ai/events/25355-loonie-strengthens-as-canadians-head-to-the-polls.md) | -6.9% | -1.8% |
| WTI | 2025-05-06 | [Why oil prices are falling and what it means for the economy : NPR](https://feedsoft.ai/events/24843-why-oil-prices-are-falling-and-what-it-means-for-the-economy-npr.md) | +8.3% | +10.0% |
| WTI | 2018-11-23 | [Still loonie after all these years: Canadian dollar will still be impaired two years from now, CIBC says - The Globe and Mail](https://feedsoft.ai/events/62275-still-loonie-after-all-these-years-canadian-dollar-will-still-be-impaired-two.md) | -5.6% | -16.1% |
| WTI | 2018-12-20 | [The Canadian dollar and the price at the gas pump: Why you can’t win for losing - The Globe and Mail](https://feedsoft.ai/events/61782-the-canadian-dollar-and-the-price-at-the-gas-pump-why-you-can-t-win-for-losing.md) | -6.7% | +12.5% |
| WTI | 2024-07-26 | [Canadian dollar posts longest losing streak in six years as oil falls - The Globe and Mail](https://feedsoft.ai/events/29504-canadian-dollar-posts-longest-losing-streak-in-six-years-as-oil-falls-the-globe.md) | -2.3% | -7.0% |

## Sources

- bnnbloomberg.ca: https://www.bnnbloomberg.ca/business/economics/2024/10/30/the-loonie-is-trading-at-lows-not-seen-in-years-heres-what-it-means-for-canadians/
- cp24.com: https://www.cp24.com/news/money/2024/10/30/the-loonie-is-trading-at-lows-not-seen-in-years-heres-what-it-means-for-canadians/

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