# The perfect storm - Bank of Canada

> A Bank of Canada deputy governor speech on May 12, 2022 described the commodity price shock from the pandemic and the Ukraine war. It noted nominal commodity prices had doubled since summer 2020, with oil up about 150%.

- Date: 2022-05-01 · published 2022-05-01T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/41648-the-perfect-storm-bank-of-canada
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Persistent commodity inflation raises input costs and pushes central banks toward tighter policy, which can strengthen the US dollar and weigh on dollar-denominated commodity prices. The speech signals that rate hikes will continue.

## Read by commodity

- WTI: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-09-30 | [C$ turns weaker as dour Bank of Canada offsets oil surge](https://feedsoft.ai/events/45276-c-turns-weaker-as-dour-bank-of-canada-offsets-oil-surge.md) | +3.5% | +10.2% |
| WTI | 2020-12-15 | [C$ climbs as market shrugs off Bank of Canada 'jawboning'](https://feedsoft.ai/events/49870-c-climbs-as-market-shrugs-off-bank-of-canada-jawboning.md) | +1.6% | +12.4% |
| WTI | 2022-12-20 | [Canadian dollar gains as investors weigh Bank of Japan’s policy shift - The Globe and Mail](https://feedsoft.ai/events/38457-canadian-dollar-gains-as-investors-weigh-bank-of-japan-s-policy-shift-the-globe.md) | +5.8% | +7.0% |
| WTI | 2020-10-27 | [Canadian Dollar Buoyed by Firmer Oil Prices, Stock Markets ahead of Bank of Canada Decision](https://feedsoft.ai/events/50859-canadian-dollar-buoyed-by-firmer-oil-prices-stock-markets-ahead-of-bank-of.md) | -4.6% | +11.7% |
| WTI | 2020-05-15 | [Canada and the loonie: Oiling up the engine \| articles \| ING THINK](https://feedsoft.ai/events/53361-canada-and-the-loonie-oiling-up-the-engine-articles-ing-think.md) | +24.5% | +32.0% |

## Sources

- bankofcanada.ca: https://www.bankofcanada.ca/2022/05/the-perfect-storm/

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