# Canadian dollar strengthens as economy grows at a record pace - The Globe and Mail

> The Canadian dollar strengthened against the US dollar on Tuesday after Statistics Canada reported third-quarter GDP growth of 40.5% annualized. IHS Markit data showed manufacturing expanded for a fifth straight month. Oil fell 0.8% to $44.99 a barrel as investors awaited OPEC+ direction on output.

- Date: 2020-12-01 · published 2020-12-01T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/49874-canadian-dollar-strengthens-as-economy-grows-at-a-record-pace-the-globe-and-mail
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Broad US dollar weakness and speculation of Fed support lift dollar-priced commodities, while OPEC+ uncertainty weighs on crude and related energy costs.

## Read by commodity

- DXY: bearish ▼
- WTI: bearish ▼
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2019-02-26 | [Canadian dollar strengthens as Fed’s patience bruises greenback - The Globe and Mail](https://feedsoft.ai/events/60837-canadian-dollar-strengthens-as-fed-s-patience-bruises-greenback-the-globe-and.md) | +0.5% | +0.2% |
| DXY | 2019-04-26 | [Canadian dollar rises as U.S. growth composition weighs on greenback - The Globe and Mail](https://feedsoft.ai/events/59816-canadian-dollar-rises-as-u-s-growth-composition-weighs-on-greenback-the-globe.md) | -0.2% | +0.4% |
| DXY | 2021-07-28 | [Canadian dollar gains as Fed readies new money market facilities - The Globe and Mail](https://feedsoft.ai/events/46270-canadian-dollar-gains-as-fed-readies-new-money-market-facilities-the-globe-and.md) | -0.4% | +0.4% |
| DXY | 2022-05-25 | [As U.S. economy’s exceptionalism fades, so does the dollar - The Globe and Mail](https://feedsoft.ai/events/41618-as-u-s-economy-s-exceptionalism-fades-so-does-the-dollar-the-globe-and-mail.md) | +0.1% | +1.8% |
| DXY | 2020-07-29 | [Canadian dollar gains as investors sell greenbacks on ‘downbeat’ Fed - The Globe and Mail](https://feedsoft.ai/events/52351-canadian-dollar-gains-as-investors-sell-greenbacks-on-downbeat-fed-the-globe.md) | +0.4% | -0.4% |
| WTI | 2019-01-21 | [Canadian dollar weakens as IMF cuts world growth outlook, data shows slowdown in China’s economy - The Globe and Mail](https://feedsoft.ai/events/61321-canadian-dollar-weakens-as-imf-cuts-world-growth-outlook-data-shows-slowdown-in.md) | -0.2% | +3.6% |
| WTI | 2019-11-22 | [Canadian dollar ends week lower as economic threat from CN strike builds - The Globe and Mail](https://feedsoft.ai/events/56304-canadian-dollar-ends-week-lower-as-economic-threat-from-cn-strike-builds-the.md) | -2.2% | +3.4% |
| WTI | 2024-01-31 | [Canadian dollar weakens as Fed rate signal offsets GDP gain - The Globe and Mail](https://feedsoft.ai/events/32333-canadian-dollar-weakens-as-fed-rate-signal-offsets-gdp-gain-the-globe-and-mail.md) | -6.0% | +1.3% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-canadian-dollar-strengthens-as-economy-grows-at-a-record-pace/

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