# C$ extends January gains as U.S. wage pressures ease | Financial Post

> The Canadian dollar strengthened against the US dollar on Tuesday, trading 0.6% higher at 1.33 per greenback. The gain followed US data showing fourth-quarter labor costs rising at their slowest pace in a year. The loonie was up 1.9% for January, its biggest monthly gain since October 2021.

- Date: 2023-01-31 · published 2023-01-31T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/38031-c-extends-january-gains-as-u-s-wage-pressures-ease-financial-post
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A firmer loonie makes Canadian exports pricier in US dollar terms, which can weigh slightly on Canadian grain and oilseed export competitiveness. The move is driven mainly by currency flows, with limited direct effect on feed commodity prices.

## Read by commodity

- USDCAD: bearish ▼

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/c-extends-january-gains-as-u-s-wage-pressures-ease

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