# C$ outshines G10 peers as oil posts multi-year high | Reuters

> The Canadian dollar edged higher on Jan. 18, outperforming other G10 currencies as oil rose to its highest level since 2014. Brent and WTI-linked crude settled 1.9% higher at $85.43 a barrel after attacks in the Middle East added to a tight supply outlook. Traders bet the Bank of Canada would raise rates as soon as the following week.

- Date: 2022-01-18 · published 2022-01-18T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude low
- Page: https://feedsoft.ai/events/43394-c-outshines-g10-peers-as-oil-posts-multi-year-high-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Middle East supply disruption lifts crude prices, which raises diesel and energy costs for feed mills and grain transport. A firmer loonie on oil and rate expectations makes imported feed ingredients cheaper in Canada.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-06-29 | [Oil hits new multi-year high as market tightens on lost supply](https://feedsoft.ai/events/8782-oil-hits-new-multi-year-high-as-market-tightens-on-lost-supply.md) | +0.5% | -6.5% |
| WTI | 2022-05-31 | [C$ holds near multi-week high as EU bans Russian oil - Markets - Business Recorder](https://feedsoft.ai/events/41646-c-holds-near-multi-week-high-as-eu-bans-russian-oil-markets-business-recorder.md) | +3.0% | -1.7% |
| WTI | 2022-03-04 | [Oil surges to multi-year highs as Russian supply shortfall looms](https://feedsoft.ai/events/6279-oil-surges-to-multi-year-highs-as-russian-supply-shortfall-looms.md) | -1.6% | -6.7% |
| WTI | 2023-02-13 | [Oil edges higher as market weighs Russian supply cuts amid demand fears \| Reuters](https://feedsoft.ai/events/37491-oil-edges-higher-as-market-weighs-russian-supply-cuts-amid-demand-fears-reuters.md) | -4.3% | -6.3% |
| WTI | 2022-03-07 | [Oil prices hit 14-year highs on Russia oil ban talks, Iran deal delay \| Reuters](https://feedsoft.ai/events/42431-oil-prices-hit-14-year-highs-on-russia-oil-ban-talks-iran-deal-delay-reuters.md) | -5.5% | -14.2% |

## Sources

- reuters.com: https://www.reuters.com/markets/us/c-outshines-g10-peers-oil-posts-multi-year-high-2022-01-18/

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