# Canadian dollar claws back some recent declines as oil rallies - The Globe and Mail

> The Canadian dollar strengthened against the U.S. dollar on Thursday as crude oil rebounded about 2.3% to $75.68 a barrel after a sharp decline the previous session, supported by Russian supply curbs. Gains for the loonie were modest because U.S. jobless claims fell unexpectedly, reinforcing expectations of tighter Fed policy.

- Date: 2023-02-23 · published 2023-02-23T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/37575-canadian-dollar-claws-back-some-recent-declines-as-oil-rallies-the-globe-and
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A firmer loonie makes Canadian canola and other exports dearer in U.S. dollar terms, while higher crude supports energy-linked costs for feed transport and processing. Rate expectations are the main near-term driver of the currency.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2021-12-16 | [Canadian dollar rallies as more central banks move on inflation - The Globe and Mail](https://feedsoft.ai/events/43854-canadian-dollar-rallies-as-more-central-banks-move-on-inflation-the-globe-and.md) | +2.7% | +15.7% |
| WTI | 2026-04-29 | [Canadian dollar steadies as oil lifts BoC rate hike bets - The Globe and Mail](https://feedsoft.ai/events/19934-canadian-dollar-steadies-as-oil-lifts-boc-rate-hike-bets-the-globe-and-mail.md) | +2.2% | -10.9% |
| WTI | 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) | -11.3% | +1.0% |
| WTI | 2022-02-17 | [Why oil and the Canadian dollar are breaking up - The Globe and Mail](https://feedsoft.ai/events/42921-why-oil-and-the-canadian-dollar-are-breaking-up-the-globe-and-mail.md) | -1.1% | +9.8% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-canadian-dollar-claws-back-some-recent-declines-as-oil-rallies/

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