# Canadian dollar hits two-month low as Russia invades Ukraine - The Globe and Mail

> The Canadian dollar fell to its weakest level since December against the U.S. dollar as Russia invaded Ukraine and investors sought safe-haven assets. Oil traded above $100 a barrel for the first time since 2014 before settling 0.8% higher at $92.81. Canada also announced new sanctions against Russia targeting 62 individuals and entities.

- Date: 2022-02-24 · published 2022-02-24T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/42918-canadian-dollar-hits-two-month-low-as-russia-invades-ukraine-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), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Safe-haven dollar demand and sanctions-driven energy volatility are pushing the loonie lower while oil spikes, raising the cost of dollar-denominated feed imports for Canadian buyers.

## Read by commodity

- DXY: bullish ▲
- WTI: bullish ▲
- BRENT: bullish ▲
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-02-22 | [Canadian dollar firms as oil surges on rising Russia-Ukraine tensions - The Globe and Mail](https://feedsoft.ai/events/42919-canadian-dollar-firms-as-oil-surges-on-rising-russia-ukraine-tensions-the-globe.md) | +5.3% | +23.0% |
| WTI | 2022-02-24 | [Treasury yields slide as Russia invades Ukraine](https://feedsoft.ai/events/42877-treasury-yields-slide-as-russia-invades-ukraine.md) | +20.2% | +24.7% |
| WTI | 2023-12-18 | [Canadian dollar retreats from four-month high ahead of CPI data](https://feedsoft.ai/events/32945-canadian-dollar-retreats-from-four-month-high-ahead-of-cpi-data.md) | +3.1% | +2.2% |
| WTI | 2024-11-22 | [Oil gains more than 5% for the week as Ukraine war intensifies](https://feedsoft.ai/events/27588-oil-gains-more-than-5-for-the-week-as-ukraine-war-intensifies.md) | -3.0% | -0.9% |
| WTI | 2026-01-27 | [Crude Prices Jump to a 3-Month High on Dollar Weakness and Iran Risks](https://feedsoft.ai/events/21231-crude-prices-jump-to-a-3-month-high-on-dollar-weakness-and-iran-risks.md) | +2.1% | +8.4% |
| BRENT | 2026-03-30 | [Canadian dollar hits nearly four-month low as war raises growth concerns \| MarketScreener Canada](https://feedsoft.ai/events/20392-canadian-dollar-hits-nearly-four-month-low-as-war-raises-growth-concerns.md) | +1.2% | -5.1% |
| BRENT | 2022-02-24 | [Treasury yields slide as Russia invades Ukraine](https://feedsoft.ai/events/42877-treasury-yields-slide-as-russia-invades-ukraine.md) | +18.2% | +27.0% |
| BRENT | 2022-03-23 | [How Russia's invasion of Ukraine rocked commodity markets](https://feedsoft.ai/events/6242-how-russia-s-invasion-of-ukraine-rocked-commodity-markets.md) | -5.9% | -10.6% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-canadian-dollar-hits-two-month-low-as-russia-attacks-ukraine/

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