# Canadian dollar rallies on higher oil prices, U.S. stimulus hopes | Financial Post

> The Canadian dollar rose to a more than two-week high as oil settled 3.1% higher at $41.19 a barrel on output shutdowns ahead of a Gulf storm. Hopes for US fiscal stimulus also supported risk assets, while Canadian housing starts fell 20% in September.

- Date: 2020-10-08 · published 2020-10-08T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/50857-canadian-dollar-rallies-on-higher-oil-prices-u-s-stimulus-hopes-financial-post
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Higher oil prices from Gulf supply disruptions and stimulus hopes support energy and risk sentiment, though the link to feed grain prices is indirect.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-02-02 | [Canadian dollar beats G10 rivals on rising U.S. stimulus hopes \| Financial Post](https://feedsoft.ai/events/48900-canadian-dollar-beats-g10-rivals-on-rising-u-s-stimulus-hopes-financial-post.md) | +8.2% | +11.5% |
| 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 | 2021-01-19 | [Canadian dollar gains as stimulus hopes boost Wall Street \| Financial Post](https://feedsoft.ai/events/49373-canadian-dollar-gains-as-stimulus-hopes-boost-wall-street-financial-post.md) | +0.9% | +14.9% |
| 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% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/canadian-dollar-rallies-on-higher-oil-prices-u-s-stimulus-hopes

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