# Canadian exporters rejig currency hedges as commodities boom - The Globe and Mail

> Canadian exporters are adjusting currency hedges and buying the loonie at stronger levels as its gain against the US dollar reaches nearly 6% this year. The Bank of Canada's commodity price index excluding energy has reached its highest level since 1972, and oil has nearly doubled since November. The article notes that the currency surge is tied to commodity prices.

- Date: 2021-05-18 · published 2021-05-18T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/47339-canadian-exporters-rejig-currency-hedges-as-commodities-boom-the-globe-and-mail
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Record commodity price levels signal strong demand and tight supply across raw materials that feed into feed markets. A stronger loonie can shift export pricing and hedging decisions for Canadian grain and oilseed sellers.

## 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 | 2023-02-10 | [Canadian dollar notches biggest gain among G10 currencies after blockbuster jobs report - The Globe and Mail](https://feedsoft.ai/events/37577-canadian-dollar-notches-biggest-gain-among-g10-currencies-after-blockbuster.md) | +0.5% | -1.9% |
| WTI | 2026-04-29 | [Canadian dollar steadies as oil lifts BoC rate hike bets - The Globe and Mail](https://feedsoft.ai/events/19934-canadian-dollar-steadies-as-oil-lifts-boc-rate-hike-bets-the-globe-and-mail.md) | +2.2% | -10.9% |
| WTI | 2021-07-28 | [Canadian dollar gains as Fed readies new money market facilities - The Globe and Mail](https://feedsoft.ai/events/46270-canadian-dollar-gains-as-fed-readies-new-money-market-facilities-the-globe-and.md) | -1.5% | -5.8% |
| WTI | 2023-02-23 | [Canadian dollar claws back some recent declines as oil rallies - The Globe and Mail](https://feedsoft.ai/events/37575-canadian-dollar-claws-back-some-recent-declines-as-oil-rallies-the-globe-and.md) | +4.9% | -4.3% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/investment-ideas/article-canadian-exporters-rejig-currency-hedges-as-commodities-boom/

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