# Loonie rises to highest point in 2 years on vaccine optimism, oil prices | CBC News

> The Canadian dollar hit its highest level since October 2018, touching 77.61 US cents, after the UK approved a coronavirus vaccine for emergency use. Oil also rose on reports that OPEC and Russia were nearing a deal to extend production cuts into February.

- Date: 2020-12-03 · published 2020-12-03T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/49871-loonie-rises-to-highest-point-in-2-years-on-vaccine-optimism-oil-prices-cbc-news
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Expected OPEC+ supply restraint supports crude prices, and crude strength feeds into biofuel and energy-linked demand for vegetable oils and grains.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-11-24 | [Oil jumps 4%, hits highest level since March on vaccine optimism](https://feedsoft.ai/events/50315-oil-jumps-4-hits-highest-level-since-march-on-vaccine-optimism.md) | +3.7% | +9.5% |
| WTI | 2020-12-02 | [Canadian dollar notches a 2-year high on higher oil prices \| Financial Post](https://feedsoft.ai/events/49875-canadian-dollar-notches-a-2-year-high-on-higher-oil-prices-financial-post.md) | +2.4% | +8.4% |
| WTI | 2017-10-30 | [Diesel Climbs to Highest Price in More Than Two Years - TT](https://feedsoft.ai/events/68644-diesel-climbs-to-highest-price-in-more-than-two-years-tt.md) | +3.2% | +7.8% |
| WTI | 2021-10-15 | [Oil prices rise to three-year high on back of supply deficit forecasts](https://feedsoft.ai/events/44716-oil-prices-rise-to-three-year-high-on-back-of-supply-deficit-forecasts.md) | +1.5% | +0.1% |
| WTI | 2018-07-30 | [Canadian dollar climbs to 7-week high on NAFTA optimism, oil rally - Financial Post](https://feedsoft.ai/events/64254-canadian-dollar-climbs-to-7-week-high-on-nafta-optimism-oil-rally-financial-post.md) | -0.3% | +1.0% |
| BRENT | 2020-11-24 | [Oil jumps 4%, hits highest level since March on vaccine optimism](https://feedsoft.ai/events/50315-oil-jumps-4-hits-highest-level-since-march-on-vaccine-optimism.md) | +3.7% | +11.5% |
| BRENT | 2021-10-15 | [Oil prices rise to three-year high on back of supply deficit forecasts](https://feedsoft.ai/events/44716-oil-prices-rise-to-three-year-high-on-back-of-supply-deficit-forecasts.md) | +0.8% | -0.9% |
| BRENT | 2026-07-23 | [Japan core inflation rate in June creeps up from 4-year low as higher oil prices bite](https://feedsoft.ai/events/18586-japan-core-inflation-rate-in-june-creeps-up-from-4-year-low-as-higher-oil.md) | -2.9% | -2.2% |

## Sources

- cbc.ca: https://www.cbc.ca/news/business/loonie-oil-opec-markets-1.5826605

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