# Commodities powering sustained rally as Canadian dollar hits six-year high - The Globe and Mail

> The Canadian dollar pushed through 83 US cents for the first time in six years, with speculators shifting to bullish positions after a year of betting against it. Strategists link the rise to a stronger Canadian recovery, a more hawkish Bank of Canada and rebounding commodity prices. The currency's move depends on whether commodity prices keep rising.

- Date: 2021-05-18 · published 2021-05-18T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/47337-commodities-powering-sustained-rally-as-canadian-dollar-hits-six-year-high-the
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Commodity-linked currency strength reflects firm raw material prices, which feed into export values and input costs for Canadian producers. A stronger loonie also changes the cost of Canadian-origin products for foreign buyers.

## Read by commodity

- USDCAD: bearish ▼

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/article-commodities-powering-sustained-rally-as-canadian-dollar-hits-six-year/

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