# Canadian dollar on track for monthly gain as current account swings to surplus - The Globe and Mail

> The Canadian dollar edged lower against the US dollar on Monday but was on track for a fourth straight monthly gain. Statistics Canada reported a first-quarter current account surplus of C$1.2 billion, the first surplus since 2008. US crude rose 1.4% to $67.27 a barrel ahead of an OPEC+ meeting.

- Date: 2021-05-31 · published 2021-05-31T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/47327-canadian-dollar-on-track-for-monthly-gain-as-current-account-swings-to-surplus
- 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 firmer loonie and higher oil prices reduce the cost of USD-priced imports for Canadian buyers, while the stronger currency can weigh on Canadian export competitiveness. Traders are watching the OPEC+ outcome for crude direction.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-07-31 | [Canadian dollar notches monthly gain as commodity currencies rally - The Globe and Mail](https://feedsoft.ai/events/35271-canadian-dollar-notches-monthly-gain-as-commodity-currencies-rally-the-globe.md) | +2.8% | -0.4% |
| WTI | 2020-02-19 | [Canadian dollar gains as oil rallies on Chinese stimulus hopes - The Globe and Mail](https://feedsoft.ai/events/54806-canadian-dollar-gains-as-oil-rallies-on-chinese-stimulus-hopes-the-globe-and.md) | -4.3% | -48.2% |
| WTI | 2022-04-21 | [Canadian dollar adds to recent gains on hawkish BoC outlook - The Globe and Mail](https://feedsoft.ai/events/42108-canadian-dollar-adds-to-recent-gains-on-hawkish-boc-outlook-the-globe-and-mail.md) | -0.6% | +6.8% |
| WTI | 2020-07-29 | [Canadian dollar gains as investors sell greenbacks on ‘downbeat’ Fed - The Globe and Mail](https://feedsoft.ai/events/52351-canadian-dollar-gains-as-investors-sell-greenbacks-on-downbeat-fed-the-globe.md) | +1.8% | +5.6% |
| WTI | 2019-01-29 | [Canadian dollar dips as investors turn attention to Fed - The Globe and Mail](https://feedsoft.ai/events/61320-canadian-dollar-dips-as-investors-turn-attention-to-fed-the-globe-and-mail.md) | +5.2% | +6.8% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-canadian-dollar-on-track-for-monthly-gain-as-current-account-swings-to/

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