# Canadian dollar posts biggest decline in six weeks as China outlook weighs - The Globe and Mail

> The Canadian dollar fell to a one-week low against the US dollar on Monday as anti-lockdown protests in China rattled investors. Canada posted a third-quarter current account deficit of C$11.1 billion after surpluses earlier in 2022. US crude settled 1.3% higher at $77.24 a barrel after rumours of an OPEC+ cut.

- Date: 2022-11-28 · published 2022-11-28T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/38906-canadian-dollar-posts-biggest-decline-in-six-weeks-as-china-outlook-weighs-the
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Weaker Chinese growth prospects reduce expected demand for commodities and oil, and the loonie tracks those prices, so the currency move signals softer energy and commodity sentiment. For feed buyers, the effect on grain and oilseed prices is indirect.

## Read by commodity

- WTI: neutral
- USDCAD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-10-17 | [Canadian dollar gains as investors weigh high inflation expectations - The Globe and Mail](https://feedsoft.ai/events/39353-canadian-dollar-gains-as-investors-weigh-high-inflation-expectations-the-globe.md) | -0.7% | +3.7% |
| WTI | 2017-03-30 | [Why the outlook for the loonie is such a bummer - The Globe and Mail](https://feedsoft.ai/events/72214-why-the-outlook-for-the-loonie-is-such-a-bummer-the-globe-and-mail.md) | +3.4% | -1.1% |
| WTI | 2023-07-28 | [Canadian dollar hits 2-week low as rate hikes ‘begin to bite’](https://feedsoft.ai/events/35272-canadian-dollar-hits-2-week-low-as-rate-hikes-begin-to-bite.md) | +1.8% | -1.0% |
| WTI | 2026-10-02 | [FOREX-Euro set for biggest weekly fall in months vs dollar as France fiscal trajectory weighs \| International](https://feedsoft.ai/events/9652-forex-euro-set-for-biggest-weekly-fall-in-months-vs-dollar-as-france-fiscal.md) | -3.1% | +10.5% |
| WTI | 2019-07-31 | [Posthaste: Some oilsands mines breakeven at $10, S&P cuts Canadian GDP forecast and why the Fed is cutting rates - Financial Post](https://feedsoft.ai/events/58340-posthaste-some-oilsands-mines-breakeven-at-10-s-and-p-cuts-canadian-gdp.md) | -7.6% | -5.3% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-canadian-dollar-hits-one-week-low-as-anti-lockdown-protests-in-china/

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