# Canadian dollar sees biggest drop in nearly 2 months as oil falls

> The Canadian dollar fell to a one-week low against the US dollar on April 20, 2021, its largest decline since February 26. The drop followed a sell-off in oil as rising COVID-19 cases in India raised fears of travel and fuel restrictions.

- Date: 2021-04-21 · published 2021-04-21T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/47853-canadian-dollar-sees-biggest-drop-in-nearly-2-months-as-oil-falls
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Lower oil prices weaken the Canadian dollar and raise the Canadian-dollar cost of US-priced imports, while also feeding into diesel and freight costs for feed logistics. The move is driven by energy markets rather than grain fundamentals.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-12-15 | [Canadian dollar at nearly 3-month low as oil prices fall \| Reuters](https://feedsoft.ai/events/43853-canadian-dollar-at-nearly-3-month-low-as-oil-prices-fall-reuters.md) | +0.7% | +16.9% |
| WTI | 2021-10-21 | [Canadian dollar falls by most in three weeks as oil stumbles \| Financial Post](https://feedsoft.ai/events/44823-canadian-dollar-falls-by-most-in-three-weeks-as-oil-stumbles-financial-post.md) | -1.9% | -7.0% |
| WTI | 2023-05-30 | [Canadian dollar dips as oil prices fall more than 4%](https://feedsoft.ai/events/36186-canadian-dollar-dips-as-oil-prices-fall-more-than-4.md) | -0.4% | -6.6% |
| WTI | 2017-01-27 | [Canadian dollar weakens as oil falls, investors brace for Poloz](https://feedsoft.ai/events/73216-canadian-dollar-weakens-as-oil-falls-investors-brace-for-poloz.md) | +0.2% | +1.1% |
| WTI | 2024-07-26 | [Canadian dollar posts longest losing streak in six years as oil falls - The Globe and Mail](https://feedsoft.ai/events/29504-canadian-dollar-posts-longest-losing-streak-in-six-years-as-oil-falls-the-globe.md) | -2.3% | -7.0% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40086397/canadian-dollar-sees-biggest-drop-in-nearly-2-months-as-oil-falls

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