# Canadian dollar notches a 2-year high on higher oil prices | Financial Post

> The Canadian dollar edged up to 77.39 US cents, its strongest level since October 2018, as oil rallied on reports OPEC may extend production caps through the first quarter of 2021. Crude settled 1.6% higher at $45.28 a barrel. Canada also reported a record 10.3% drop in third-quarter labour productivity.

- Date: 2020-12-02 · published 2020-12-02T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/49875-canadian-dollar-notches-a-2-year-high-on-higher-oil-prices-financial-post
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Expected OPEC+ production restraint supports crude prices, which lifts energy-linked demand for biofuel feedstocks such as vegetable oils and corn.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2022-08-23 | [Canadian dollar snaps losing streak as oil prices jump \| Financial Post](https://feedsoft.ai/events/40272-canadian-dollar-snaps-losing-streak-as-oil-prices-jump-financial-post.md) | +5.3% | -8.4% |
| 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% |
| WTI | 2020-02-12 | [Canadian dollar climbs to one-week high as virus fears ebb \| Financial Post](https://feedsoft.ai/events/54807-canadian-dollar-climbs-to-one-week-high-as-virus-fears-ebb-financial-post.md) | +6.6% | -33.8% |
| WTI | 2022-06-07 | [Canadian dollar hits a 7-week high as yield spreads widen \| Financial Post](https://feedsoft.ai/events/41183-canadian-dollar-hits-a-7-week-high-as-yield-spreads-widen-financial-post.md) | +2.1% | -15.8% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/canadian-dollar-notches-a-2-year-high-on-higher-oil-prices

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