# Canadian dollar weakens despite wider trade surplus - The Globe and Mail

> The Canadian dollar weakened against the US dollar after Canada's September trade surplus widened more than expected. The loonie's decline reflected the unwinding of recent sharp moves in currency markets and a 4.3% fall in US crude futures.

- Date: 2023-11-07 · published 2023-11-07T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/33410-canadian-dollar-weakens-despite-wider-trade-surplus-the-globe-and-mail
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A weaker loonie and lower crude prices affect Canadian export earnings and the cost of dollar-priced feed imports. The wider trade surplus points to stronger export flows.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2023-11-07 | 1 | -4.3% | -3.2 | Directly reports the 4.3% fall in US crude futures on Nov 7, confirming the move, though it is a currency article and offers no independent cause. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-01-31 | [Canadian dollar weakens as Fed rate signal offsets GDP gain - The Globe and Mail](https://feedsoft.ai/events/32333-canadian-dollar-weakens-as-fed-rate-signal-offsets-gdp-gain-the-globe-and-mail.md) | -6.0% | +1.3% |
| WTI | 2023-02-15 | [Canadian dollar weakens as U.S. data boosts Fed rate hike prospects - The Globe and Mail](https://feedsoft.ai/events/37578-canadian-dollar-weakens-as-u-s-data-boosts-fed-rate-hike-prospects-the-globe.md) | -6.5% | -14.7% |
| WTI | 2019-05-01 | [Canadian dollar weakens as Fed inflation view boosts greenback - The Globe and Mail](https://feedsoft.ai/events/59324-canadian-dollar-weakens-as-fed-inflation-view-boosts-greenback-the-globe-and.md) | -3.8% | -7.6% |
| WTI | 2026-07-30 | [Canadian dollar rises to six-week high as greenback slides - The Globe and Mail](https://feedsoft.ai/events/18588-canadian-dollar-rises-to-six-week-high-as-greenback-slides-the-globe-and-mail.md) | -10.1% | +2.3% |
| WTI | 2018-12-31 | [Canadian dollar ends 2018 with worst year since 2015 - The Globe and Mail](https://feedsoft.ai/events/61777-canadian-dollar-ends-2018-with-worst-year-since-2015-the-globe-and-mail.md) | +7.0% | +14.7% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-canadian-dollar-weakens-despite-wider-trade-surplus/

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