# Canadian dollar climbs to 2-month high as oil prices jump

> The Canadian dollar rose to its highest level in nearly two months on Jan. 11 as oil prices climbed on tight supply and hopes that Omicron would not derail demand recovery. U.S. crude settled 3.8% higher at $81.22 a barrel. Fed Chair Powell's congressional testimony eased fears of an abrupt tightening shock.

- Date: 2022-01-11 · published 2022-01-11T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/43396-canadian-dollar-climbs-to-2-month-high-as-oil-prices-jump
- 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 prices raise energy and transport costs for feed production. A firmer loonie lowers the Canadian-dollar cost of imported feed ingredients.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-02-11 | [Canadian dollar adds to weekly gain as oil prices climb](https://feedsoft.ai/events/42920-canadian-dollar-adds-to-weekly-gain-as-oil-prices-climb.md) | +2.1% | +21.7% |
| 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% |
| WTI | 2016-12-01 | [Dollar climbs to 9-1/2-month high vs yen on oil, Mnuchin](https://feedsoft.ai/events/73709-dollar-climbs-to-9-1-2-month-high-vs-yen-on-oil-mnuchin.md) | +0.8% | +8.8% |
| 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 | 2020-12-02 | [Canadian dollar notches a 2-year high on higher oil prices \| Financial Post](https://feedsoft.ai/events/49875-canadian-dollar-notches-a-2-year-high-on-higher-oil-prices-financial-post.md) | +2.4% | +8.4% |

## Sources

- reuters.com: https://www.reuters.com/article/business/canadian-dollar-climbs-to-2-month-high-as-oil-prices-jump-idUSKBN2JL1FN/

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