# Global Market Insights: Omicron, oil price weigh on CAD; oil outlook buoys Alberta | article

> Scotiabank reports the Canadian dollar weakened to about 1.28 per US dollar as Omicron triggered risk aversion and WTI crude slid toward US$62.50 a barrel. WTI fell 21% in November, its worst month since March 2020. Alberta's mid-year update projects stronger oil prices than previously forecast.

- Date: 2021-12-04 · published 2021-12-04T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/43856-global-market-insights-omicron-oil-price-weigh-on-cad-oil-outlook-buoys-alberta
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Sharp crude losses cut Canadian export revenue and weaken the loonie, while risk aversion favours safe-haven currencies. These moves signal weaker energy-linked demand for commodity-exporting economies.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-01-29 | [Global Market Insights: Commodities’ risks; USD and CAD unchanged \| article](https://feedsoft.ai/events/49371-global-market-insights-commodities-risks-usd-and-cad-unchanged-article.md) | +7.5% | +17.7% |
| WTI | 2022-04-25 | [Oil Price: Crude Down on China COVID Lockdowns and Fed Rate Outlook - Markets Insider](https://feedsoft.ai/events/42016-oil-price-crude-down-on-china-covid-lockdowns-and-fed-rate-outlook-markets.md) | +2.0% | +10.0% |
| WTI | 2020-03-27 | [Oil price crash: a glimpse into the future for global energy markets? Q&A with Pierre Noel](https://feedsoft.ai/events/7880-oil-price-crash-a-glimpse-into-the-future-for-global-energy-markets-q-and-a.md) | +37.1% | -32.8% |
| WTI | 2020-04-26 | [Oil price crash, COVID-19 weaken grains and oilseed markets](https://feedsoft.ai/events/53733-oil-price-crash-covid-19-weaken-grains-and-oilseed-markets.md) | +21.1% | +105.0% |
| WTI | 2018-11-21 | [Here's What's Going On With Global Oil Markets : NPR](https://feedsoft.ai/events/10586-here-s-what-s-going-on-with-global-oil-markets-npr.md) | -6.1% | -10.7% |

## Sources

- scotiabank.com: https://www.scotiabank.com/ca/en/commercial-banking/knowledge-centre/article.economy.global-market-insights--omicron-oil-price-weigh-on-cad-oil-outlook-buoys-alberta.html

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