# Canadian dollar set to end weekly losing streak as oil rallies | Financial Post

> The Canadian dollar edged higher against the US dollar, putting it on track for a 1.1% weekly gain, its first in eight weeks. U.S. crude rose 1.2% to $71.79 a barrel as concerns over the Omicron variant eased. US consumer inflation hit a 39-year high in November.

- Date: 2021-12-10 · published 2021-12-10T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/43855-canadian-dollar-set-to-end-weekly-losing-streak-as-oil-rallies-financial-post
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A rebound in crude supports Canadian export revenue and the loonie, while easing Omicron fears reduce the risk of demand shocks. Currency moves of this size have little direct effect on grain or feed prices.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-08-23 | [Canadian dollar snaps losing streak as oil prices jump \| Financial Post](https://feedsoft.ai/events/40272-canadian-dollar-snaps-losing-streak-as-oil-prices-jump-financial-post.md) | +5.3% | -8.4% |
| WTI | 2018-07-30 | [Canadian dollar climbs to 7-week high on NAFTA optimism, oil rally - Financial Post](https://feedsoft.ai/events/64254-canadian-dollar-climbs-to-7-week-high-on-nafta-optimism-oil-rally-financial-post.md) | -0.3% | +1.0% |
| WTI | 2020-10-08 | [Canadian dollar rallies on higher oil prices, U.S. stimulus hopes \| Financial Post](https://feedsoft.ai/events/50857-canadian-dollar-rallies-on-higher-oil-prices-u-s-stimulus-hopes-financial-post.md) | +2.7% | -2.1% |
| 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% |
| WTI | 2021-01-19 | [Canadian dollar gains as stimulus hopes boost Wall Street \| Financial Post](https://feedsoft.ai/events/49373-canadian-dollar-gains-as-stimulus-hopes-boost-wall-street-financial-post.md) | +0.9% | +14.9% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/canadian-dollar-set-to-end-weekly-losing-streak-as-oil-rallies

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