# Canadian dollar retreats from 100-day moving average as inflation holds steady - The Globe and Mail

> The Canadian dollar weakened slightly against the US dollar on Wednesday after touching an eight-week high the previous day. Canada's October inflation held at 6.9%, and markets priced a 25 basis point Bank of Canada hike for December with a 35% chance of 50 basis points. US crude fell 1.5% to $85.59 a barrel.

- Date: 2022-11-16 · published 2022-11-16T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/38907-canadian-dollar-retreats-from-100-day-moving-average-as-inflation-holds-steady
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Inflation data and the expected size of Bank of Canada rate hikes drive the currency and borrowing costs, with little direct effect on feed grain supply or demand. Oil dipping on China COVID concerns is a minor signal for energy-linked costs.

## Read by commodity

- WTI: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-11-17 | [Canadian dollar holds steady vs U.S. counterpart, beats rest of G10 - The Globe and Mail](https://feedsoft.ai/events/38911-canadian-dollar-holds-steady-vs-u-s-counterpart-beats-rest-of-g10-the-globe-and.md) | -9.0% | -11.3% |
| WTI | 2020-03-27 | [Canadian dollar pulls back from 10-day high as investor sentiment sours - The Globe and Mail](https://feedsoft.ai/events/54354-canadian-dollar-pulls-back-from-10-day-high-as-investor-sentiment-sours-the.md) | +37.1% | -32.8% |
| WTI | 2019-05-01 | [Canadian dollar weakens as Fed inflation view boosts greenback - The Globe and Mail](https://feedsoft.ai/events/59324-canadian-dollar-weakens-as-fed-inflation-view-boosts-greenback-the-globe-and.md) | -3.8% | -7.6% |
| WTI | 2021-08-31 | [Canadian dollar steadies after ‘limited’ reaction to GDP miss - The Globe and Mail](https://feedsoft.ai/events/45789-canadian-dollar-steadies-after-limited-reaction-to-gdp-miss-the-globe-and-mail.md) | -1.2% | +8.9% |
| WTI | 2019-11-22 | [Canadian dollar ends week lower as economic threat from CN strike builds - The Globe and Mail](https://feedsoft.ai/events/56304-canadian-dollar-ends-week-lower-as-economic-threat-from-cn-strike-builds-the.md) | -2.2% | +3.4% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-canadian-dollar-pulls-back-from-eight-week-high-as-inflation-steady/

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