# Canadian dollar adds to weekly gain as oil prices climb

> The Canadian dollar gained on Friday as higher oil prices offset damage from protester blockades of key U.S.-Canada border crossings. The IEA said oil markets were tight, and U.S. crude rose 1.1% to $90.87 a barrel. The loonie was on track for a 0.5% weekly gain after hotter-than-expected U.S. inflation fueled bets on a 50 basis point Fed hike.

- Date: 2022-02-11 · published 2022-02-11T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/42920-canadian-dollar-adds-to-weekly-gain-as-oil-prices-climb
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Tight oil markets and expected Fed tightening point to higher energy and dollar-linked input costs for feed, with little direct effect on grain supply.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-01-11 | [Canadian dollar climbs to 2-month high as oil prices jump](https://feedsoft.ai/events/43396-canadian-dollar-climbs-to-2-month-high-as-oil-prices-jump.md) | +9.3% | +14.3% |
| WTI | 2022-06-03 | [Canadian dollar dips but posts 3rd weekly gain on soaring oil prices - The Globe and Mail](https://feedsoft.ai/events/41187-canadian-dollar-dips-but-posts-3rd-weekly-gain-on-soaring-oil-prices-the-globe.md) | +4.0% | -6.2% |
| WTI | 2016-12-12 | [Canadian dollar posts fresh seven-week high as oil climbs \| Reuters](https://feedsoft.ai/events/73701-canadian-dollar-posts-fresh-seven-week-high-as-oil-climbs-reuters.md) | +0.8% | -1.3% |
| WTI | 2021-12-10 | [Canadian dollar set to end weekly losing streak as oil rallies \| Financial Post](https://feedsoft.ai/events/43855-canadian-dollar-set-to-end-weekly-losing-streak-as-oil-rallies-financial-post.md) | +2.1% | +11.4% |
| WTI | 2020-02-12 | [Canadian dollar climbs to one-week high as virus fears ebb \| Financial Post](https://feedsoft.ai/events/54807-canadian-dollar-climbs-to-one-week-high-as-virus-fears-ebb-financial-post.md) | +6.6% | -33.8% |

## Sources

- reuters.com: https://www.reuters.com/world/americas/canadian-dollar-adds-weekly-gain-oil-prices-climb-2022-02-11/

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