# Rate hike bets lift Canadian dollar to second straight weekly gain - The Globe and Mail

> The Canadian dollar edged lower against the US dollar on Friday but finished the week up 0.2%, its second straight weekly gain. Gains were supported by higher oil prices and expectations of further Bank of Canada rate hikes after August inflation jumped to 4.0%.

- Date: 2023-09-22 · published 2023-09-22T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/34334-rate-hike-bets-lift-canadian-dollar-to-second-straight-weekly-gain-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

A firmer loonie raises the cost of Canadian-origin commodities for US buyers and tends to track oil; stronger oil supports energy-linked feed costs while a stronger CAD lowers Canadian export competitiveness.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2022-06-03 | [Canadian dollar dips but posts 3rd weekly gain on soaring oil prices - The Globe and Mail](https://feedsoft.ai/events/41187-canadian-dollar-dips-but-posts-3rd-weekly-gain-on-soaring-oil-prices-the-globe.md) | +4.0% | -6.2% |
| WTI | 2020-11-24 | [Canadian dollar climbs to 2-week high as Biden transition boosts Wall Street - The Globe and Mail](https://feedsoft.ai/events/50385-canadian-dollar-climbs-to-2-week-high-as-biden-transition-boosts-wall-street.md) | +3.7% | +9.5% |
| WTI | 2024-02-06 | [Canadian dollar rebounds as Macklem strikes hawkish tone on rates - The Globe and Mail](https://feedsoft.ai/events/31917-canadian-dollar-rebounds-as-macklem-strikes-hawkish-tone-on-rates-the-globe-and.md) | +5.7% | +7.8% |
| WTI | 2022-03-17 | [Canadian dollar climbs to 2-week high as FX volatility falls - The Globe and Mail](https://feedsoft.ai/events/42499-canadian-dollar-climbs-to-2-week-high-as-fx-volatility-falls-the-globe-and-mail.md) | +21.1% | +9.8% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-rate-hike-bets-lift-canadian-dollar-to-second-straight-weekly-gain/

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