# Rising risk appetite lifts Canadian dollar to two-week high

> The Canadian dollar strengthened to a two-week high against the U.S. dollar as commodity-linked currencies gained. The loonie rose about 0.9% to 1.3445 as investors welcomed progress on U.S. debt-limit legislation. Oil settled nearly 3% higher at $70.70 a barrel ahead of an OPEC+ meeting.

- Date: 2023-06-01 · published 2023-06-01T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/35740-rising-risk-appetite-lifts-canadian-dollar-to-two-week-high
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Risk-on sentiment and higher oil lift commodity-linked currencies, which can slightly lower dollar-denominated feed input costs for Canadian buyers. The effect on grain prices is limited.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-09-22 | [Rate hike bets lift Canadian dollar to second straight weekly gain - The Globe and Mail](https://feedsoft.ai/events/34334-rate-hike-bets-lift-canadian-dollar-to-second-straight-weekly-gain-the-globe.md) | +2.3% | -0.3% |
| WTI | 2016-12-12 | [Canadian dollar posts fresh seven-week high as oil climbs \| Reuters](https://feedsoft.ai/events/73701-canadian-dollar-posts-fresh-seven-week-high-as-oil-climbs-reuters.md) | +0.8% | -1.3% |
| WTI | 2026-01-01 | [Canadian dollar rises to five-month high despite downbeat factory sales](https://feedsoft.ai/events/21729-canadian-dollar-rises-to-five-month-high-despite-downbeat-factory-sales.md) | +0.8% | +13.0% |
| WTI | 2021-03-29 | [Canadian dollar dips as hedge fund default crimps risk appetite - Markets - Business Recorder](https://feedsoft.ai/events/48367-canadian-dollar-dips-as-hedge-fund-default-crimps-risk-appetite-markets.md) | -3.7% | +1.7% |
| WTI | 2020-02-12 | [Canadian dollar climbs to one-week high as virus fears ebb \| Financial Post](https://feedsoft.ai/events/54807-canadian-dollar-climbs-to-one-week-high-as-virus-fears-ebb-financial-post.md) | +6.6% | -33.8% |

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/rising-risk-appetite-lifts-canadian-dollar-two-week-high-2023-06-01/

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