# Canadian dollar set to snap winning streak - Business & Finance - Business Recorder

> The Canadian dollar weakened against the US dollar as oil fell nearly 8% to about $104.84 a barrel on fears of weaker Chinese fuel demand from Shanghai COVID lockdowns. Markets priced in aggressive global rate hikes, with a 50 basis point Bank of Canada move in April seen at nearly 80% odds.

- Date: 2022-03-29 · published 2022-03-29T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/42498-canadian-dollar-set-to-snap-winning-streak-business-and-finance-business
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Lower crude and a firmer dollar pressure commodity-linked currencies, while expected aggressive BoC hikes support the loonie over time.

## Read by commodity

- WTI: bearish ▼
- USDCAD: neutral

## 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 | 2022-04-29 | [Canadian dollar hits 7-week low - Business & Finance - Business Recorder](https://feedsoft.ai/events/42107-canadian-dollar-hits-7-week-low-business-and-finance-business-recorder.md) | +2.6% | +9.5% |
| WTI | 2021-08-31 | [Canadian dollar retreats after surprise GDP contraction - Markets - Business Recorder](https://feedsoft.ai/events/45791-canadian-dollar-retreats-after-surprise-gdp-contraction-markets-business.md) | -1.2% | +8.9% |
| WTI | 2022-11-24 | [Canadian dollar steadies as investors cheer Fed’s dovish signal - Markets - Business Recorder](https://feedsoft.ai/events/38909-canadian-dollar-steadies-as-investors-cheer-fed-s-dovish-signal-markets.md) | +4.1% | -0.4% |
| WTI | 2022-03-16 | [Australia, NZ dollars on edge for uber-hawkish Fed - Business & Finance - Business Recorder](https://feedsoft.ai/events/42520-australia-nz-dollars-on-edge-for-uber-hawkish-fed-business-and-finance-business.md) | +15.4% | +4.3% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40163571

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