# Canadian dollar slips, pressured by Fed rate hike bets - The Globe and Mail

> The Canadian dollar weakened against the U.S. dollar on Monday as oil fell 2.1% to $80.83 a barrel and a strong New York manufacturing survey boosted bets on another Federal Reserve rate hike. The loonie was 0.3% lower at 1.34 per U.S. dollar.

- Date: 2023-04-17 · published 2023-04-17T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/36641-canadian-dollar-slips-pressured-by-fed-rate-hike-bets-the-globe-and-mail
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Expectations of further Fed tightening strengthen the U.S. dollar and can dampen commodity demand. A weaker loonie makes Canadian exports cheaper in U.S. dollar terms.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-05-31 | [Canadian dollar pares monthly decline as rate hike bets climb - The Globe and Mail](https://feedsoft.ai/events/36178-canadian-dollar-pares-monthly-decline-as-rate-hike-bets-climb-the-globe-and-mail.md) | +3.3% | +0.1% |
| WTI | 2023-02-15 | [Canadian dollar weakens as U.S. data boosts Fed rate hike prospects - The Globe and Mail](https://feedsoft.ai/events/37578-canadian-dollar-weakens-as-u-s-data-boosts-fed-rate-hike-prospects-the-globe.md) | -6.5% | -14.7% |
| WTI | 2023-02-01 | [Canadian dollar posts 2½-month high as stocks rally after Fed rate hike - The Globe and Mail](https://feedsoft.ai/events/37580-canadian-dollar-posts-21-2-month-high-as-stocks-rally-after-fed-rate-hike-the.md) | -2.2% | -1.7% |
| WTI | 2023-05-18 | [Canadian dollar falls as BoC’s Macklem resists validating rate hike bets - The Globe and Mail](https://feedsoft.ai/events/36189-canadian-dollar-falls-as-boc-s-macklem-resists-validating-rate-hike-bets-the.md) | +2.1% | -3.0% |
| WTI | 2018-11-08 | [Canadian dollar hits eight-week low as U.S. Fed affirms rate hike policy - The Globe and Mail](https://feedsoft.ai/events/62276-canadian-dollar-hits-eight-week-low-as-u-s-fed-affirms-rate-hike-policy-the.md) | -8.9% | -16.5% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-canadian-dollar-dips-as-investors-await-release-of-domestic-inflation/

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