# Canadian dollar notches two-month high as stocks climb - Markets - Business Recorder

> The Canadian dollar strengthened to its highest level in more than two months against the US dollar on Thursday, trading at 1.3320. Equity markets rose and the Bank of Canada pushed back against expectations of near-term rate cuts. US crude futures rose 2.1% to $81.83 a barrel on expectations of stronger Chinese demand.

- Date: 2023-01-26 · published 2023-01-26T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/38036-canadian-dollar-notches-two-month-high-as-stocks-climb-markets-business-recorder
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The stronger loonie and rising crude prices both reflect expectations of firmer demand, but the currency move makes Canadian exports more expensive abroad. Higher energy prices raise costs for diesel and fertilizer used in feed supply chains.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-02-24 | [Canadian dollar notches 3-year high as oil climbs - Markets - Business Recorder](https://feedsoft.ai/events/48891-canadian-dollar-notches-3-year-high-as-oil-climbs-markets-business-recorder.md) | -3.2% | -6.3% |
| WTI | 2021-11-05 | [Canadian dollar steadies as jobs gain supports rate hike bets - Markets - Business Recorder](https://feedsoft.ai/events/44268-canadian-dollar-steadies-as-jobs-gain-supports-rate-hike-bets-markets-business.md) | +3.4% | -15.9% |
| WTI | 2021-05-28 | [Canadian dollar falls as investors weigh US inflation surge - Markets - Business Recorder](https://feedsoft.ai/events/47328-canadian-dollar-falls-as-investors-weigh-us-inflation-surge-markets-business.md) | +4.1% | +10.9% |
| WTI | 2021-03-30 | [Canadian dollar slips as hedge fund jitters underpin the greenback - Markets - Business Recorder](https://feedsoft.ai/events/48365-canadian-dollar-slips-as-hedge-fund-jitters-underpin-the-greenback-markets.md) | -3.5% | +2.4% |
| 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% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40222615

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