# Canadian dollar seen rebounding as high oil price feeds trade surplus | Reuters

> A Reuters poll showed the Canadian dollar is expected to recover its recent decline over the coming year. The forecast cites elevated oil prices boosting Canada's trade surplus and a possible Bank of Canada rate path matching the Fed.

- Date: 2022-05-05 · published 2022-05-05T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/41653-canadian-dollar-seen-rebounding-as-high-oil-price-feeds-trade-surplus-reuters
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Higher oil prices support Canadian export receipts and a firmer loonie, which lowers the US-dollar cost of Canadian-origin commodities. The effect on feed prices is indirect.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2016-12-12 | [Canadian dollar posts fresh seven-week high as oil climbs \| Reuters](https://feedsoft.ai/events/73701-canadian-dollar-posts-fresh-seven-week-high-as-oil-climbs-reuters.md) | +0.8% | -1.3% |
| WTI | 2025-04-22 | [Canadian dollar outperforms G10 peers as trade war fears ease \| Reuters](https://feedsoft.ai/events/25359-canadian-dollar-outperforms-g10-peers-as-trade-war-fears-ease-reuters.md) | -0.7% | +0.3% |
| WTI | 2022-02-03 | [Canadian dollar forecasts turn more bullish as oil hits 7-year high: Reuters poll](https://feedsoft.ai/events/42925-canadian-dollar-forecasts-turn-more-bullish-as-oil-hits-7-year-high-reuters-poll.md) | +1.6% | +22.1% |
| WTI | 2022-01-11 | [Canadian dollar climbs to 2-month high as oil prices jump](https://feedsoft.ai/events/43396-canadian-dollar-climbs-to-2-month-high-as-oil-prices-jump.md) | +9.3% | +14.3% |
| WTI | 2022-03-08 | [Canadian dollar decouples from oil, adding to BoC inflation headaches \| Reuters](https://feedsoft.ai/events/42497-canadian-dollar-decouples-from-oil-adding-to-boc-inflation-headaches-reuters.md) | -13.5% | -13.4% |

## Sources

- reuters.com: https://www.reuters.com/world/americas/canadian-dollar-seen-rebounding-high-oil-price-feeds-trade-surplus-2022-05-05/

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