# Weaker loonie may not deter Bank of Canada diverging from the Fed

> The Canadian dollar has weakened about 2.7% against the U.S. dollar since the start of the year, reaching 1.3602 per U.S. dollar. The move reflects broad strength in the greenback against major currencies. The article discusses the Bank of Canada possibly diverging from the Federal Reserve.

- Date: 2024-05-17 · published 2024-05-17T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/30514-weaker-loonie-may-not-deter-bank-of-canada-diverging-from-the-fed
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A weaker loonie raises the U.S. dollar price of Canadian exports, which can support Canadian canola and other oilseed prices in local currency terms while modestly lowering feed costs for buyers in dollar terms.

## Read by commodity

- USDCAD: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/business/finance/weaker-loonie-may-not-deter-bank-canada-diverging-fed-2024-05-17/

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