# Canadian dollar slips to six-day low as oil prices fall - The Globe and Mail

> The Canadian dollar weakened to a six-day low against the U.S. dollar as oil prices fell, with U.S. crude down 1.5% to $86.57 a barrel after weaker-than-expected Chinese factory data. Investors were also bracing for a Federal Reserve decision expected to bring another 75-basis-point hike.

- Date: 2022-10-31 · published 2022-10-31T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/39347-canadian-dollar-slips-to-six-day-low-as-oil-prices-fall-the-globe-and-mail
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Lower oil prices weaken the loonie, a commodity-linked currency, which can make Canadian-origin commodity exports cheaper in USD terms. Fed tightening expectations support a stronger dollar, which generally pressures dollar-priced grain and oilseed markets.

## Read by commodity

- DXY: bullish ▲
- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-01-29 | [Canadian dollar nears seven-week low as oil prices fall - The Globe and Mail](https://feedsoft.ai/events/55300-canadian-dollar-nears-seven-week-low-as-oil-prices-fall-the-globe-and-mail.md) | -7.1% | -8.8% |
| WTI | 2023-05-30 | [Canadian dollar dips as oil prices fall more than 4%](https://feedsoft.ai/events/36186-canadian-dollar-dips-as-oil-prices-fall-more-than-4.md) | -0.4% | -6.6% |
| WTI | 2024-07-26 | [Canadian dollar posts longest losing streak in six years as oil falls - The Globe and Mail](https://feedsoft.ai/events/29504-canadian-dollar-posts-longest-losing-streak-in-six-years-as-oil-falls-the-globe.md) | -2.3% | -7.0% |
| WTI | 2020-02-03 | [Canadian dollar slides to two-month low as China virus hits oil demand - The Globe and Mail](https://feedsoft.ai/events/54810-canadian-dollar-slides-to-two-month-low-as-china-virus-hits-oil-demand-the.md) | -2.4% | -9.3% |
| WTI | 2026-07-30 | [Canadian dollar rises to six-week high as greenback slides - The Globe and Mail](https://feedsoft.ai/events/18588-canadian-dollar-rises-to-six-week-high-as-greenback-slides-the-globe-and-mail.md) | -10.1% | +2.3% |
| DXY | 2018-02-13 | [The pain trade: Why the Canadian dollar is aching - The Globe and Mail](https://feedsoft.ai/events/66726-the-pain-trade-why-the-canadian-dollar-is-aching-the-globe-and-mail.md) | -0.4% | -0.2% |
| DXY | 2024-01-31 | [Canadian dollar weakens as Fed rate signal offsets GDP gain - The Globe and Mail](https://feedsoft.ai/events/32333-canadian-dollar-weakens-as-fed-rate-signal-offsets-gdp-gain-the-globe-and-mail.md) | +0.3% | +0.4% |
| DXY | 2018-11-08 | [Canadian dollar hits eight-week low as U.S. Fed affirms rate hike policy - The Globe and Mail](https://feedsoft.ai/events/62276-canadian-dollar-hits-eight-week-low-as-u-s-fed-affirms-rate-hike-policy-the.md) | +1.0% | +1.2% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-canadian-dollar-slips-to-six-day-low-as-oil-prices-fall/

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