# Oil and loonie flying high together again | MarketPulse by OANDA Group

> Oil and the Canadian dollar both rose in late July, with crude on track for its best month since early 2022. Net-long WTI positions reached three-month highs after Goldman Sachs argued global oil demand had passed its pre-COVID peak, and traders expected OPEC+ to keep supply tight.

- Date: 2023-07-31 · published 2023-07-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/35273-oil-and-loonie-flying-high-together-again-marketpulse-by-oanda-group
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Tightening crude supply and rising energy prices lift input and freight costs for feed production and support energy-linked commodity currencies.

## Read by commodity

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

## Sources

- marketpulse.com: https://www.marketpulse.com/news/oil-and-loonie-flying-high-together-again/

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