# Canadian dollar posts longest losing streak in six years as oil falls - The Globe and Mail

> The Canadian dollar weakened for an eighth straight day to 1.3835 per U.S. dollar, its longest losing streak since 2018. The decline followed falling WTI crude prices on weaker Chinese demand and Gaza ceasefire hopes.

- Date: 2024-07-26 · published 2024-07-26T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/29504-canadian-dollar-posts-longest-losing-streak-in-six-years-as-oil-falls-the-globe
- 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 oil prices weigh on the loonie, and currency moves influence the USD value of Canadian exports; the weakness mainly reflects energy-market sentiment rather than a grain-specific shock.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-10-31 | [Canadian dollar slips to six-day low as oil prices fall - The Globe and Mail](https://feedsoft.ai/events/39347-canadian-dollar-slips-to-six-day-low-as-oil-prices-fall-the-globe-and-mail.md) | +5.4% | -12.2% |
| WTI | 2020-01-29 | [Canadian dollar nears seven-week low as oil prices fall - The Globe and Mail](https://feedsoft.ai/events/55300-canadian-dollar-nears-seven-week-low-as-oil-prices-fall-the-globe-and-mail.md) | -7.1% | -8.8% |
| 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 | 2022-06-16 | [Canadian dollar falls as global central bank tightening spooks investors - The Globe and Mail](https://feedsoft.ai/events/41175-canadian-dollar-falls-as-global-central-bank-tightening-spooks-investors-the.md) | -8.7% | -14.2% |
| WTI | 2020-12-21 | [Canadian dollar falls by most since October as new virus strain clouds outlook - The Globe and Mail](https://feedsoft.ai/events/49869-canadian-dollar-falls-by-most-since-october-as-new-virus-strain-clouds-outlook.md) | -3.1% | +8.4% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-canadian-dollar-posts-longest-losing-streak-in-six-years-as-oil-falls/

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