# Canadian dollar hits 7-week low - Business & Finance - Business Recorder

> The Canadian dollar weakened to its lowest level in more than seven weeks against the US dollar as the greenback surged to two-decade highs against major currencies. Bank of Canada Governor Macklem's hawkish comments offered only limited support, and US crude edged lower to about $101.67 a barrel.

- Date: 2022-04-29 · published 2022-04-29T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/42107-canadian-dollar-hits-7-week-low-business-and-finance-business-recorder
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A broad US dollar rally and softer oil prices weigh on Canadian export earnings and tend to put mild downward pressure on commodity prices quoted in dollars.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-11-22 | [Canadian dollar weekly losing streak continues - Business & Finance - Business Recorder](https://feedsoft.ai/events/44266-canadian-dollar-weekly-losing-streak-continues-business-and-finance-business.md) | -8.2% | -9.9% |
| WTI | 2022-03-29 | [Canadian dollar set to snap winning streak - Business & Finance - Business Recorder](https://feedsoft.ai/events/42498-canadian-dollar-set-to-snap-winning-streak-business-and-finance-business.md) | -3.5% | -4.4% |
| WTI | 2017-11-29 | [Canadian dollar hits near 4-week low versus firmer US$ - The Business Times](https://feedsoft.ai/events/68198-canadian-dollar-hits-near-4-week-low-versus-firmer-us-the-business-times.md) | -0.6% | +2.9% |
| WTI | 2018-10-31 | [Lower Oil Prices: Canadian Dollar Hits 7-Week Low \| Investors King](https://feedsoft.ai/events/62781-lower-oil-prices-canadian-dollar-hits-7-week-low-investors-king.md) | -6.0% | -24.2% |
| WTI | 2026-07-27 | [Canadian dollar hits near two-week low as oil prices drop \| Reuters](https://feedsoft.ai/events/18591-canadian-dollar-hits-near-two-week-low-as-oil-prices-drop-reuters.md) | -3.3% | -2.6% |
| DXY | 2023-05-31 | [Dollar higher - Business & Finance - Business Recorder](https://feedsoft.ai/events/36152-dollar-higher-business-and-finance-business-recorder.md) | -0.5% | -1.0% |
| DXY | 2021-03-31 | [Canadian dollar hits 3-week low as US readies infrastructure plan - Markets - Business Recorder](https://feedsoft.ai/events/48364-canadian-dollar-hits-3-week-low-as-us-readies-infrastructure-plan-markets.md) | -0.9% | -2.0% |
| DXY | 2017-11-29 | [Canadian dollar hits near 4-week low versus firmer US$ - The Business Times](https://feedsoft.ai/events/68198-canadian-dollar-hits-near-4-week-low-versus-firmer-us-the-business-times.md) | +0.2% | +0.5% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40170152

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