# Canadian dollar pulls back from 5-month high on hawkish Fed outlook

> The Canadian dollar was little changed against the US dollar after touching its strongest level since November 10 at 1.2404. Hawkish comments from Fed Governor Brainard pushed the greenback higher, while oil settled 1.3% lower at $101.96 a barrel. Canadian exports rose 2.8% in February to a record high.

- Date: 2022-04-05 · published 2022-04-05T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/42112-canadian-dollar-pulls-back-from-5-month-high-on-hawkish-fed-outlook
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A firmer US dollar and lower oil prices weigh on Canadian export receipts and energy-linked costs, with limited direct effect on feed grain prices.

## Read by commodity

- WTI: bearish ▼
- USDCAD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-03-27 | [Canadian dollar pulls back from 10-day high as investor sentiment sours - The Globe and Mail](https://feedsoft.ai/events/54354-canadian-dollar-pulls-back-from-10-day-high-as-investor-sentiment-sours-the.md) | +37.1% | -32.8% |
| WTI | 2022-04-22 | [Canadian dollar falls by most since December despite hawkish BoC \| Reuters](https://feedsoft.ai/events/42106-canadian-dollar-falls-by-most-since-december-despite-hawkish-boc-reuters.md) | +1.5% | +8.0% |
| WTI | 2023-02-01 | [Canadian dollar posts 2½-month high as stocks rally after Fed rate hike - The Globe and Mail](https://feedsoft.ai/events/37580-canadian-dollar-posts-21-2-month-high-as-stocks-rally-after-fed-rate-hike-the.md) | -2.2% | -1.7% |
| WTI | 2020-01-29 | [The Canadian Dollar Is Unprepared for Coronavirus Impact on Bank of Canada Outlook](https://feedsoft.ai/events/55307-the-canadian-dollar-is-unprepared-for-coronavirus-impact-on-bank-of-canada.md) | -7.1% | -8.8% |
| WTI | 2020-11-05 | [Canadian dollar climbs to two-month high as greenback slides - The Globe and Mail](https://feedsoft.ai/events/50389-canadian-dollar-climbs-to-two-month-high-as-greenback-slides-the-globe-and-mail.md) | +5.8% | +17.0% |

## Sources

- cnbc.com: https://www.cnbc.com/2022/04/05/forex-markets-reserve-bank-of-australia-euro.html

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