# Canadian Dollar rallies into the green on Thursday despite mixed Canadian GDP results: Analytics and Market news from 30 November 2023 16:12

> The Canadian dollar rose against most major currencies on Thursday after Canada's third-quarter GDP fell 1.1% annualized, which missed forecasts but was offset by upward revisions. OPEC+ agreed to further oil production cuts with no firm end date, lifting crude prices.

- Date: 2023-11-30 · published 2023-11-30T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/33405-canadian-dollar-rallies-into-the-green-on-thursday-despite-mixed-canadian-gdp
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

OPEC+ supply cuts push crude higher, which supports Canadian export revenue and strengthens the loonie. Higher crude also raises diesel and freight costs for feed producers.

## Read by commodity

- WTI: bullish ▲
- DIESEL: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-11-29 | [Canadian dollar rallies as air of calm returns to financial markets - The Globe and Mail](https://feedsoft.ai/events/44263-canadian-dollar-rallies-as-air-of-calm-returns-to-financial-markets-the-globe.md) | -11.3% | +1.0% |
| WTI | 2021-07-28 | [Canadian dollar gains as Fed readies new money market facilities - The Globe and Mail](https://feedsoft.ai/events/46270-canadian-dollar-gains-as-fed-readies-new-money-market-facilities-the-globe-and.md) | -1.5% | -5.8% |
| WTI | 2021-12-16 | [Canadian dollar rallies as more central banks move on inflation - The Globe and Mail](https://feedsoft.ai/events/43854-canadian-dollar-rallies-as-more-central-banks-move-on-inflation-the-globe-and.md) | +2.7% | +15.7% |
| 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% |
| WTI | 2017-06-30 | [Canadian Dollar Exchange Rates Boosted As GDP Comes In On Forecast And Oil Boosts The CAD](https://feedsoft.ai/events/70739-canadian-dollar-exchange-rates-boosted-as-gdp-comes-in-on-forecast-and-oil.md) | -1.5% | +10.7% |
| DIESEL | 2022-09-27 | [Surging bond yields spook investors, capping Canadian dollar gains - The Globe and Mail](https://feedsoft.ai/events/39815-surging-bond-yields-spook-investors-capping-canadian-dollar-gains-the-globe-and.md) | +9.6% | +31.9% |
| DIESEL | 2019-12-11 | [Reaction in the diesel market to IMO 2020 is still to come: Platts - FreightWaves](https://feedsoft.ai/events/55751-reaction-in-the-diesel-market-to-imo-2020-is-still-to-come-platts-freightwaves.md) | +3.5% | -0.9% |
| DIESEL | 2020-11-27 | [Diesel markets closing out a strong November - FreightWaves](https://feedsoft.ai/events/50321-diesel-markets-closing-out-a-strong-november-freightwaves.md) | -0.4% | +7.0% |

## Sources

- teletrade.org: https://www.teletrade.org/analytics/market-analysis/market-news/3923352

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