# Global Market Insights: Commodities’ risks; USD and CAD unchanged | article

> Scotiabank analysts said the COVID-19 second wave has not yet stalled the commodity rally but poses risk to global demand. They expect WTI to average about $46 per barrel in Q1 2021, below recent levels, and described the Canadian dollar as a mid-table performer.

- Date: 2021-01-29 · published 2021-01-29T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/49371-global-market-insights-commodities-risks-usd-and-cad-unchanged-article
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A softer oil price outlook reduces energy and freight costs over the near term, which can ease costs for feed producers. Demand uncertainty may weigh on commodities generally.

## Read by commodity

- WTI: bearish ▼
- USDCAD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-02-02 | [Slump in commodities rattles global markets \| Reuters](https://feedsoft.ai/events/20505-slump-in-commodities-rattles-global-markets-reuters.md) | -1.6% | +9.9% |
| WTI | 2021-12-04 | [Global Market Insights: Omicron, oil price weigh on CAD; oil outlook buoys Alberta \| article](https://feedsoft.ai/events/43856-global-market-insights-omicron-oil-price-weigh-on-cad-oil-outlook-buoys-alberta.md) | +8.1% | +14.6% |
| WTI | 2022-09-08 | [The Commodities Feed: USD strength and demand worries \| articles \| ING THINK](https://feedsoft.ai/events/14903-the-commodities-feed-usd-strength-and-demand-worries-articles-ing-think.md) | +7.8% | +7.0% |
| WTI | 2021-08-27 | [The Commodities Feed: USD holds the market back \| snaps \| ING THINK](https://feedsoft.ai/events/45481-the-commodities-feed-usd-holds-the-market-back-snaps-ing-think.md) | +3.9% | +9.9% |
| WTI | 2024-12-20 | [The Commodities Feed: Stronger USD prompts oil sell-off \| articles \| ING THINK](https://feedsoft.ai/events/26895-the-commodities-feed-stronger-usd-prompts-oil-sell-off-articles-ing-think.md) | +1.5% | +9.2% |

## Sources

- scotiabank.com: https://www.scotiabank.com/ca/en/commercial-banking/knowledge-centre/article.economy.global-market-insights-commodities-risks.html

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