# Canadian dollar notches 6-year high as U.S. inflation jumps

> The Canadian dollar strengthened against the US dollar and other G10 currencies on Wednesday as oil prices rose and investors bet the Bank of Canada would respond more to inflation than the Fed. US consumer prices rose by the most in nearly 12 years in April. The loonie traded near a six-year high.

- Date: 2021-05-12 · published 2021-05-12T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/47331-canadian-dollar-notches-6-year-high-as-u-s-inflation-jumps
- 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 makes USD-priced imports cheaper for Canadian buyers, and rising oil prices lift energy costs. The inflation-driven repricing of rate expectations also points to currency volatility.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-09-18 | [Canadian dollar hits 1-month high ahead of inflation data](https://feedsoft.ai/events/34337-canadian-dollar-hits-1-month-high-ahead-of-inflation-data.md) | -0.9% | -3.5% |
| 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% |
| WTI | 2021-02-24 | [Canadian dollar notches 3-year high as oil climbs - Markets - Business Recorder](https://feedsoft.ai/events/48891-canadian-dollar-notches-3-year-high-as-oil-climbs-markets-business-recorder.md) | -3.2% | -6.3% |
| WTI | 2022-08-10 | [C$ notches up 6-day high as U.S. inflation pressures ease \| Financial Post](https://feedsoft.ai/events/40282-c-notches-up-6-day-high-as-u-s-inflation-pressures-ease-financial-post.md) | -4.3% | -10.8% |
| WTI | 2016-12-12 | [Canadian dollar above 76 cents US as oil surges to 1½-year high \| CBC News](https://feedsoft.ai/events/73711-canadian-dollar-above-76-cents-us-as-oil-surges-to-11-2-year-high-cbc-news.md) | +0.8% | -1.3% |

## Sources

- ca.finance.yahoo.com: https://ca.finance.yahoo.com/news/canadian-dollar-notches-6-high-142708133.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr

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