# Canadian dollar notches 3-year high as oil climbs - Markets - Business Recorder

> The Canadian dollar strengthened 0.1% to 1.2580 per US dollar on Wednesday, touching its strongest level since April 2018. US crude rose 1.3% to $62.46 a barrel amid Texas outages, though a surprise US inventory build capped gains.

- Date: 2021-02-24 · published 2021-02-24T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/48891-canadian-dollar-notches-3-year-high-as-oil-climbs-markets-business-recorder
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Higher oil and a stronger loonie reflect the commodity-linked currency trade, which lowers the cost of Canadian-origin feed for US buyers. Oil strength also feeds into energy and biofuel input costs.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-01-26 | [Canadian dollar notches two-month high as stocks climb - Markets - Business Recorder](https://feedsoft.ai/events/38036-canadian-dollar-notches-two-month-high-as-stocks-climb-markets-business-recorder.md) | -4.4% | -5.8% |
| WTI | 2021-11-05 | [Canadian dollar steadies as jobs gain supports rate hike bets - Markets - Business Recorder](https://feedsoft.ai/events/44268-canadian-dollar-steadies-as-jobs-gain-supports-rate-hike-bets-markets-business.md) | +3.4% | -15.9% |
| WTI | 2021-05-28 | [Canadian dollar falls as investors weigh US inflation surge - Markets - Business Recorder](https://feedsoft.ai/events/47328-canadian-dollar-falls-as-investors-weigh-us-inflation-surge-markets-business.md) | +4.1% | +10.9% |
| WTI | 2021-03-29 | [Canadian dollar dips as hedge fund default crimps risk appetite - Markets - Business Recorder](https://feedsoft.ai/events/48367-canadian-dollar-dips-as-hedge-fund-default-crimps-risk-appetite-markets.md) | -3.7% | +1.7% |
| WTI | 2022-04-13 | [Canadian dollar recovers - Business & Finance - Business Recorder](https://feedsoft.ai/events/42110-canadian-dollar-recovers-business-and-finance-business-recorder.md) | +2.1% | +5.0% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40067732

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