# Canadian dollar adds to recent gains on hawkish BoC outlook - The Globe and Mail

> The Canadian dollar rose to its highest level in more than two weeks against the US dollar as investors priced in aggressive Bank of Canada rate hikes. Canadian headline inflation hit a 31-year high of 6.7% in March, and oil rose on supply concerns tied to a possible EU ban on Russian oil imports.

- Date: 2022-04-21 · published 2022-04-21T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/42108-canadian-dollar-adds-to-recent-gains-on-hawkish-boc-outlook-the-globe-and-mail
- 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 and a firmer loonie show a mixed picture for Canadian exporters, and rate-hike expectations signal tighter Canadian financial conditions ahead.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-02-06 | [Canadian dollar rebounds as Macklem strikes hawkish tone on rates - The Globe and Mail](https://feedsoft.ai/events/31917-canadian-dollar-rebounds-as-macklem-strikes-hawkish-tone-on-rates-the-globe-and.md) | +5.7% | +7.8% |
| WTI | 2020-02-19 | [Canadian dollar gains as oil rallies on Chinese stimulus hopes - The Globe and Mail](https://feedsoft.ai/events/54806-canadian-dollar-gains-as-oil-rallies-on-chinese-stimulus-hopes-the-globe-and.md) | -4.3% | -48.2% |
| WTI | 2022-09-27 | [Surging bond yields spook investors, capping Canadian dollar gains - The Globe and Mail](https://feedsoft.ai/events/39815-surging-bond-yields-spook-investors-capping-canadian-dollar-gains-the-globe-and.md) | +9.0% | +11.1% |
| WTI | 2023-02-23 | [Canadian dollar claws back some recent declines as oil rallies - The Globe and Mail](https://feedsoft.ai/events/37575-canadian-dollar-claws-back-some-recent-declines-as-oil-rallies-the-globe-and.md) | +4.9% | -4.3% |
| WTI | 2026-04-29 | [Canadian dollar steadies as oil lifts BoC rate hike bets - The Globe and Mail](https://feedsoft.ai/events/19934-canadian-dollar-steadies-as-oil-lifts-boc-rate-hike-bets-the-globe-and-mail.md) | +2.2% | -10.9% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-canadian-dollar-adds-to-recent-gains-on-hawkish-boc-outlook/

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