# Canadian dollar rallies as economy grows faster than anticipated | Financial Post

> The Canadian dollar strengthened against the US dollar on Friday as oil prices rose and Statistics Canada reported November GDP growth of 0.7%, above the 0.4% forecast. Oil gains reflected a Saudi supply cut and falling US crude inventories.

- Date: 2021-01-29 · published 2021-01-29T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/49367-canadian-dollar-rallies-as-economy-grows-faster-than-anticipated-financial-post
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A firmer loonie raises the cost of Canadian-origin feed commodities such as canola meal for US and other buyers. Stronger oil prices can also support energy-linked costs for feed transport.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-12-10 | [Canadian dollar set to end weekly losing streak as oil rallies \| Financial Post](https://feedsoft.ai/events/43855-canadian-dollar-set-to-end-weekly-losing-streak-as-oil-rallies-financial-post.md) | +2.1% | +11.4% |
| WTI | 2020-10-08 | [Canadian dollar rallies on higher oil prices, U.S. stimulus hopes \| Financial Post](https://feedsoft.ai/events/50857-canadian-dollar-rallies-on-higher-oil-prices-u-s-stimulus-hopes-financial-post.md) | +2.7% | -2.1% |
| WTI | 2021-11-29 | [Canadian dollar rallies as air of calm returns to financial markets - The Globe and Mail](https://feedsoft.ai/events/44263-canadian-dollar-rallies-as-air-of-calm-returns-to-financial-markets-the-globe.md) | -11.3% | +1.0% |
| WTI | 2020-12-04 | [Canadian dollar forecasts shift higher as Ottawa pads economic support \| Financial Post](https://feedsoft.ai/events/49872-canadian-dollar-forecasts-shift-higher-as-ottawa-pads-economic-support.md) | +2.5% | +4.1% |
| WTI | 2021-01-19 | [Canadian dollar gains as stimulus hopes boost Wall Street \| Financial Post](https://feedsoft.ai/events/49373-canadian-dollar-gains-as-stimulus-hopes-boost-wall-street-financial-post.md) | +0.9% | +14.9% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/canadian-dollar-rallies-as-economy-grows-faster-than-anticipated

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