# Canadian dollar notches monthly gain as commodity currencies rally - The Globe and Mail

> The Canadian dollar strengthened about 0.6% against the US dollar on July 31, trading near 1.3172, and gained 0.5% over July. Oil rose to a three-month high on expectations Saudi Arabia would extend output cuts into September, and a new labor deal averted an immediate West Coast port strike.

- Date: 2023-07-31 · published 2023-07-31T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/35271-canadian-dollar-notches-monthly-gain-as-commodity-currencies-rally-the-globe
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Firmer crude and a resolved port labor dispute support commodity currencies and reduce near-term shipping disruption risk for grain and oilseed exports from Canada.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-02-10 | [Canadian dollar notches biggest gain among G10 currencies after blockbuster jobs report - The Globe and Mail](https://feedsoft.ai/events/37577-canadian-dollar-notches-biggest-gain-among-g10-currencies-after-blockbuster.md) | +0.5% | -1.9% |
| WTI | 2021-05-31 | [Canadian dollar on track for monthly gain as current account swings to surplus - The Globe and Mail](https://feedsoft.ai/events/47327-canadian-dollar-on-track-for-monthly-gain-as-current-account-swings-to-surplus.md) | +4.4% | +10.0% |
| 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 | 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 | 2021-05-18 | [Canadian exporters rejig currency hedges as commodities boom - The Globe and Mail](https://feedsoft.ai/events/47339-canadian-exporters-rejig-currency-hedges-as-commodities-boom-the-globe-and-mail.md) | -0.2% | +8.8% |
| BRENT | 2021-08-24 | [Dollar slips further as oil rallies, commodity currencies gain \| Reuters](https://feedsoft.ai/events/12117-dollar-slips-further-as-oil-rallies-commodity-currencies-gain-reuters.md) | +5.7% | +7.0% |
| BRENT | 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) | -3.1% | +4.8% |
| BRENT | 2021-05-11 | [Commodity currencies hold advantage as dollar waits for inflation and Fed \| Reuters](https://feedsoft.ai/events/47003-commodity-currencies-hold-advantage-as-dollar-waits-for-inflation-and-fed.md) | +1.6% | +4.9% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-canadian-dollar-notches-monthly-gain-as-commodity-currencies-rally/

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