# Canadian dollar forecasts turn more bullish as oil hits 7-year high: Reuters poll

> A Reuters poll showed the median forecast for the Canadian dollar strengthening to 1.25 per U.S. dollar in three months and 1.22 in a year. Oil had climbed to nearly $90 a barrel, the highest since October 2014. Analysts pointed to rising oil prices and expected faster Bank of Canada tightening as supports.

- Date: 2022-02-03 · published 2022-02-03T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/42925-canadian-dollar-forecasts-turn-more-bullish-as-oil-hits-7-year-high-reuters-poll
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Forecasts of a firmer loonie and higher crude signal a sustained energy price environment that raises input costs for feed producers.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2021-02-24 | [Canadian dollar notches 3-year high as oil climbs - Markets - Business Recorder](https://feedsoft.ai/events/48891-canadian-dollar-notches-3-year-high-as-oil-climbs-markets-business-recorder.md) | -3.2% | -6.3% |
| WTI | 2022-05-05 | [Canadian dollar seen rebounding as high oil price feeds trade surplus \| Reuters](https://feedsoft.ai/events/41653-canadian-dollar-seen-rebounding-as-high-oil-price-feeds-trade-surplus-reuters.md) | -2.1% | +8.4% |
| WTI | 2025-11-28 | [Canadian dollar posts biggest weekly gain since May as GDP surpasses forecasts \| Reuters](https://feedsoft.ai/events/22177-canadian-dollar-posts-biggest-weekly-gain-since-may-as-gdp-surpasses-forecasts.md) | +1.7% | -3.6% |
| WTI | 2024-08-26 | [Canadian dollar strengthens to 5-month high as oil rallies](https://feedsoft.ai/events/29033-canadian-dollar-strengthens-to-5-month-high-as-oil-rallies.md) | -1.7% | -5.9% |

## Sources

- ca.finance.yahoo.com: https://ca.finance.yahoo.com/news/canadian-dollar-forecasts-turn-more-122038525.html

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