# Canadian dollar rebounds as Macklem strikes hawkish tone on rates - The Globe and Mail

> The Canadian dollar strengthened against the U.S. dollar after Bank of Canada Governor Tiff Macklem said more time was needed before rates could ease. It recovered from a near two-month low as oil prices rose. The loonie traded 0.4% higher at 1.3490 per U.S. dollar.

- Date: 2024-02-06 · published 2024-02-06T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/31917-canadian-dollar-rebounds-as-macklem-strikes-hawkish-tone-on-rates-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

A cautious central bank supports the Canadian dollar and lowers USD/CAD. Higher oil prices also support Canadian export income, but the effect on feed commodity prices is limited.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-04-21 | [Canadian dollar adds to recent gains on hawkish BoC outlook - The Globe and Mail](https://feedsoft.ai/events/42108-canadian-dollar-adds-to-recent-gains-on-hawkish-boc-outlook-the-globe-and-mail.md) | -0.6% | +6.8% |
| WTI | 2026-04-29 | [Canadian dollar steadies as oil lifts BoC rate hike bets - The Globe and Mail](https://feedsoft.ai/events/19934-canadian-dollar-steadies-as-oil-lifts-boc-rate-hike-bets-the-globe-and-mail.md) | +2.2% | -10.9% |
| 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 | 2021-12-03 | [Canadian dollar rebounds from 10-week low after jobs surge - The Globe and Mail](https://feedsoft.ai/events/43857-canadian-dollar-rebounds-from-10-week-low-after-jobs-surge-the-globe-and-mail.md) | +6.5% | +13.1% |
| WTI | 2023-02-23 | [Canadian dollar claws back some recent declines as oil rallies - The Globe and Mail](https://feedsoft.ai/events/37575-canadian-dollar-claws-back-some-recent-declines-as-oil-rallies-the-globe-and.md) | +4.9% | -4.3% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-canadian-dollar-rebounds-as-macklem-strikes-hawkish-tone-on-rates/

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