# Canadian dollar dips as oil prices fall more than 4%

> The Canadian dollar edged lower as oil settled 4.4% down at $69.46 a barrel amid mixed signals from major producers ahead of the OPEC+ meeting. U.S. bond yields fell as default worries eased with progress on the debt ceiling. Canadian first-quarter GDP data was due the same day.

- Date: 2023-05-30 · published 2023-05-30T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/36186-canadian-dollar-dips-as-oil-prices-fall-more-than-4
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Lower oil prices weigh on the loonie and reflect uncertainty over OPEC+ supply decisions that could shape energy costs for feed production and transport. The debt ceiling progress reduced safe-haven demand for the dollar.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-01-24 | [Canadian dollar slips as oil prices fall on China virus scare](https://feedsoft.ai/events/55301-canadian-dollar-slips-as-oil-prices-fall-on-china-virus-scare.md) | -6.1% | -3.9% |
| WTI | 2022-10-31 | [Canadian dollar slips to six-day low as oil prices fall - The Globe and Mail](https://feedsoft.ai/events/39347-canadian-dollar-slips-to-six-day-low-as-oil-prices-fall-the-globe-and-mail.md) | +5.4% | -12.2% |
| WTI | 2021-12-15 | [Canadian dollar at nearly 3-month low as oil prices fall \| Reuters](https://feedsoft.ai/events/43853-canadian-dollar-at-nearly-3-month-low-as-oil-prices-fall-reuters.md) | +0.7% | +16.9% |
| WTI | 2020-01-29 | [Canadian dollar nears seven-week low as oil prices fall - The Globe and Mail](https://feedsoft.ai/events/55300-canadian-dollar-nears-seven-week-low-as-oil-prices-fall-the-globe-and-mail.md) | -7.1% | -8.8% |
| WTI | 2022-10-14 | [Oil prices fall more than 3% on recession worries](https://feedsoft.ai/events/39282-oil-prices-fall-more-than-3-on-recession-worries.md) | -3.8% | -3.3% |

## Sources

- ca.finance.yahoo.com: https://ca.finance.yahoo.com/news/canadian-dollar-dips-oil-prices-193939516.html

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