# USDCAD Price: Canadian Dollar Rangebound Despite Upbeat CPI

> The USDCAD pair traded sideways on December 21 despite Canadian November CPI rising 0.1% month on month and the headline annual rate reaching 6.7%, above forecasts. U.S. consumer confidence also beat expectations, and a surge in crude oil prices supported the loonie.

- Date: 2022-12-21 · published 2022-12-21T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/38460-usdcad-price-canadian-dollar-rangebound-despite-upbeat-cpi
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Stronger Canadian inflation keeps Bank of Canada tightening expectations firm, a macro backdrop that has limited direct impact on feed grain pricing.

## Read by commodity

- WTI: bullish ▲
- USDCAD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-01-01 | [Canadian dollar rises to five-month high despite downbeat factory sales](https://feedsoft.ai/events/21729-canadian-dollar-rises-to-five-month-high-despite-downbeat-factory-sales.md) | +0.8% | +13.0% |
| WTI | 2022-05-05 | [Canadian dollar seen rebounding as high oil price feeds trade surplus \| Reuters](https://feedsoft.ai/events/41653-canadian-dollar-seen-rebounding-as-high-oil-price-feeds-trade-surplus-reuters.md) | -2.1% | +8.4% |
| WTI | 2019-01-28 | [Canadian Dollar Markets seen Underpricing "Upside Risks"](https://feedsoft.ai/events/61327-canadian-dollar-markets-seen-underpricing-upside-risks.md) | +3.2% | +6.6% |
| WTI | 2022-02-11 | [Canadian dollar adds to weekly gain as oil prices climb](https://feedsoft.ai/events/42920-canadian-dollar-adds-to-weekly-gain-as-oil-prices-climb.md) | +2.1% | +21.7% |
| WTI | 2022-01-31 | [Canadian Dollar Climbs Amid Energy Rally, Weaker PPI](https://feedsoft.ai/events/43392-canadian-dollar-climbs-amid-energy-rally-weaker-ppi.md) | +5.6% | +9.8% |

## Sources

- asktraders.com: https://www.asktraders.com/analysis/usdcad-price-canadian-dollar-rangebound-despite-upbeat-cpi/

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