# CAD boosted by jump in oil prices - OFX (CA)

> The Canadian dollar gained against the US dollar as oil prices jumped to a two-year high ahead of an OPEC+ meeting. The US Dollar Index fell to 89.83, and EURUSD traded near 1.2229. Sterling touched a three-year high against the dollar at 1.425.

- Date: 2021-05-31 · published 2021-05-31T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/47335-cad-boosted-by-jump-in-oil-prices-ofx-ca
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A weaker dollar and firmer crude support commodity prices and can lift import costs for buyers outside the US. Expected OPEC+ supply increases remain the key swing factor for energy-linked feed costs.

## Read by commodity

- DXY: bearish ▼
- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-01-13 | [Colombia peso boosted by weak dollar and rising oil prices - Colombia News](https://feedsoft.ai/events/67263-colombia-peso-boosted-by-weak-dollar-and-rising-oil-prices-colombia-news.md) | -1.0% | -7.6% |
| WTI | 2017-05-11 | [USD/CAD: a lift in oil prices coming?  - Nomura — Octa](https://feedsoft.ai/events/71240-usd-cad-a-lift-in-oil-prices-coming-nomura-octa.md) | +3.7% | -3.4% |
| WTI | 2022-01-11 | [Canadian dollar climbs to 2-month high as oil prices jump](https://feedsoft.ai/events/43396-canadian-dollar-climbs-to-2-month-high-as-oil-prices-jump.md) | +9.3% | +14.3% |
| WTI | 2022-11-11 | [Oil jumps as China eases COVID curbs in potential boost to demand](https://feedsoft.ai/events/38851-oil-jumps-as-china-eases-covid-curbs-in-potential-boost-to-demand.md) | -5.6% | -17.9% |
| WTI | 2019-02-19 | [Gas Prices Jump for Most of Country – AAA Newsroom](https://feedsoft.ai/events/60764-gas-prices-jump-for-most-of-country-aaa-newsroom.md) | -0.4% | +6.3% |
| DXY | 2023-01-25 | [Fed policy pivot helps boost gold prices \| ING THINK](https://feedsoft.ai/events/37702-fed-policy-pivot-helps-boost-gold-prices-ing-think.md) | -0.1% | +1.5% |
| DXY | 2021-04-30 | [Inflation-tolerant Fed will boost commodity prices \| Reuters](https://feedsoft.ai/events/47512-inflation-tolerant-fed-will-boost-commodity-prices-reuters.md) | +0.1% | -0.8% |
| DXY | 2026-01-29 | [USD/CAD slides to 1.3530, pressured by bullish Oil and weak USD](https://feedsoft.ai/events/21290-usd-cad-slides-to-1-3530-pressured-by-bullish-oil-and-weak-usd.md) | +0.6% | +0.3% |

## Sources

- ofx.com: https://www.ofx.com/en-ca/forex-news/daily-and-weekly-market-news/2021/06/01/cad-boosted-by-jump-in-oil-prices/

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