# Canadian dollar strengthens to 5-month high as oil rallies

> The Canadian dollar hit a five-month high against the U.S. dollar on Monday as oil prices rose on Middle East tensions and Libyan output cuts. Canada's two largest railways were ordered to halt a work stoppage that had disrupted the economy.

- Date: 2024-08-26 · published 2024-08-26T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/29033-canadian-dollar-strengthens-to-5-month-high-as-oil-rallies
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Higher crude prices support Canadian export earnings and the loonie, while the end of the rail stoppage eases grain and oilseed shipping delays out of Western Canada.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-01-11 | [Canadian dollar climbs to 2-month high as oil prices jump](https://feedsoft.ai/events/43396-canadian-dollar-climbs-to-2-month-high-as-oil-prices-jump.md) | +9.3% | +14.3% |
| 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 | 2021-12-10 | [Canadian dollar set to end weekly losing streak as oil rallies \| Financial Post](https://feedsoft.ai/events/43855-canadian-dollar-set-to-end-weekly-losing-streak-as-oil-rallies-financial-post.md) | +2.1% | +11.4% |
| WTI | 2016-11-17 | [C$ strengthens to a 1-week high as oil climbs](https://feedsoft.ai/events/74055-c-strengthens-to-a-1-week-high-as-oil-climbs.md) | +3.4% | +11.7% |
| WTI | 2026-01-01 | [Canadian dollar rises to five-month high despite downbeat factory sales](https://feedsoft.ai/events/21729-canadian-dollar-rises-to-five-month-high-despite-downbeat-factory-sales.md) | +0.8% | +13.0% |

## Sources

- ca.finance.yahoo.com: https://ca.finance.yahoo.com/news/canadian-dollar-strengthens-benchmark-yield-131012336.html

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