# Canadian dollar firms as oil surges on rising Russia-Ukraine tensions - The Globe and Mail

> The Canadian dollar strengthened on Tuesday as oil prices surged to their highest since 2014 after Moscow ordered troops into two breakaway regions in eastern Ukraine. U.S. crude rose 3.4% to $94.15 a barrel. Speculators cut bullish bets on the Canadian dollar in the week to February 15.

- Date: 2022-02-22 · published 2022-02-22T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/42919-canadian-dollar-firms-as-oil-surges-on-rising-russia-ukraine-tensions-the-globe
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Higher crude on escalating Russia-Ukraine tensions lifts energy costs and biofuel-linked demand for vegetable oils, while a firmer loonie trims the cost of Canadian-dollar purchases.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-02-24 | [Canadian dollar hits two-month low as Russia invades Ukraine - The Globe and Mail](https://feedsoft.ai/events/42918-canadian-dollar-hits-two-month-low-as-russia-invades-ukraine-the-globe-and-mail.md) | +20.2% | +24.7% |
| WTI | 2023-08-07 | [The Commodities Feed: Russia-Ukraine tensions add to oil supply risks \| articles \| ING THINK](https://feedsoft.ai/events/34496-the-commodities-feed-russia-ukraine-tensions-add-to-oil-supply-risks-articles.md) | +0.5% | +3.3% |
| WTI | 2024-11-21 | [Oil rises 2% on supply worries as Russia-Ukraine war escalates](https://feedsoft.ai/events/27585-oil-rises-2-on-supply-worries-as-russia-ukraine-war-escalates.md) | -0.3% | +1.3% |
| WTI | 2022-02-22 | [Grains, soybeans rally on fear of Russia-Ukraine conflict, surging oil \| Reuters](https://feedsoft.ai/events/8756-grains-soybeans-rally-on-fear-of-russia-ukraine-conflict-surging-oil-reuters.md) | +5.3% | +23.0% |
| WTI | 2022-03-20 | [Oil Surges On Growing Supply Fears as EU Considers Russian Ban - Bloomberg](https://feedsoft.ai/events/8485-oil-surges-on-growing-supply-fears-as-eu-considers-russian-ban-bloomberg.md) | +10.3% | +3.4% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-canadian-dollar-firms-as-oil-surges-on-rising-russia-ukraine-tensions/

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