# Commodity currencies slide on oil, dollar braces for election | Financial Post

> Commodity currencies fell on October 30 as Brent crude dropped about 10% for the week, with the Russian rouble, Norwegian crown and Canadian dollar all weak. Global COVID-19 cases rose by more than 500,000 for the first time, and volatility rose ahead of the US election.

- Date: 2020-10-30 · published 2020-10-30T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/50816-commodity-currencies-slide-on-oil-dollar-braces-for-election-financial-post
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Sharp crude weakness and falling oil-linked currencies reduce energy-driven feed and biofuel input cost support, and weaker commodity currencies can make Canadian and Russian exports cheaper on world markets.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2021-06-21 | [Commodity Prices Dip As Dollar Surges \| OilPrice.com](https://feedsoft.ai/events/46491-commodity-prices-dip-as-dollar-surges-oilprice-com.md) | +4.1% | +1.0% |
| BRENT | 2022-08-22 | [Commodity prices down on rising dollar demand](https://feedsoft.ai/events/39941-commodity-prices-down-on-rising-dollar-demand.md) | +4.6% | -6.4% |
| BRENT | 2022-04-21 | [Growth slowdown fears temper bullishness on commodity currencies \| CNBC Africa](https://feedsoft.ai/events/6863-growth-slowdown-fears-temper-bullishness-on-commodity-currencies-cnbc-africa.md) | -1.5% | +3.4% |
| BRENT | 2022-07-18 | [Recession concerns, dollar demand clamp down on commodity market](https://feedsoft.ai/events/40398-recession-concerns-dollar-demand-clamp-down-on-commodity-market.md) | -1.5% | -5.3% |
| BRENT | 2022-12-15 | [Oil prices slid 2% as dollar firms and central banks hike interest rates](https://feedsoft.ai/events/38152-oil-prices-slid-2-as-dollar-firms-and-central-banks-hike-interest-rates.md) | -2.2% | +1.6% |
| WTI | 2020-04-03 | [Canadian dollar forecasts slashed, bracing for recession \| Financial Post](https://feedsoft.ai/events/53865-canadian-dollar-forecasts-slashed-bracing-for-recession-financial-post.md) | -9.4% | -19.0% |
| WTI | 2020-10-29 | [Latam FX steadies after selloff; Oil-linked currencies slide \| Financial Post](https://feedsoft.ai/events/50919-latam-fx-steadies-after-selloff-oil-linked-currencies-slide-financial-post.md) | +4.6% | +22.3% |
| WTI | 2022-11-18 | [Canadian dollar extends weekly decline as oil prices slide \| Financial Post](https://feedsoft.ai/events/38908-canadian-dollar-extends-weekly-decline-as-oil-prices-slide-financial-post.md) | -6.5% | -9.1% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/commodity-currencies-slide-on-oil-dollar-braces-for-election

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