# Canadian dollar steadies as annual inflation stays near zero - The Globe and Mail

> The Canadian dollar was little changed on September 16 after Statistics Canada reported annual inflation of 0.1% for August. Underlying inflation firmed slightly, with the Bank of Canada's core measures averaging 1.7%. Oil rose as a hurricane shut U.S. offshore production, and the loonie traded in a narrow range ahead of a Federal Reserve decision.

- Date: 2020-09-16 · published 2020-09-16T12:00:00.000Z
- Category: report · region Canada · magnitude low
- Page: https://feedsoft.ai/events/51348-canadian-dollar-steadies-as-annual-inflation-stays-near-zero-the-globe-and-mail
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Inflation data shapes expectations for Bank of Canada policy and the loonie, which in turn affects the cost of Canadian-origin commodities priced in U.S. dollars. The hurricane-driven oil move is a secondary energy driver for the currency.

## Read by commodity

- WTI: bullish ▲
- USDCAD: neutral

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2020-09-16 | 1 | +3.9% | 3.1 | Confirms oil rose on Sept 16 as the hurricane shut US offshore production, supporting the supply-shock explanation. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-01-31 | [The Canadian Dollar Leads G10 Pack Even after Growth Data Sidelines the BoC](https://feedsoft.ai/events/61324-the-canadian-dollar-leads-g10-pack-even-after-growth-data-sidelines-the-boc.md) | -0.4% | +5.0% |
| WTI | 2017-12-12 | [SHORT-TERM ENERGY OUTLOOK - See the December 12th Report HERE: U.S. Energy Information Administration - Canadian Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow](https://feedsoft.ai/events/67658-short-term-energy-outlook-see-the-december-12th-report-here-u-s-energy.md) | -1.2% | +9.8% |
| WTI | 2018-04-12 | [Oil surplus is vanishing, thanks to healthy demand and output curbs, Opec says \| The National](https://feedsoft.ai/events/65426-oil-surplus-is-vanishing-thanks-to-healthy-demand-and-output-curbs-opec-says.md) | +2.4% | +6.5% |
| WTI | 2022-04-19 | [EIA expects summer U.S. real gasoline and diesel prices to be the highest since 2014 -
		U.S. Energy Information Administration (EIA)](https://feedsoft.ai/events/8172-eia-expects-summer-u-s-real-gasoline-and-diesel-prices-to-be-the-highest-since.md) | -8.3% | +5.4% |
| WTI | 2017-01-31 | [US retail diesel prices expected to increase - Texas & Southwestern Cattle Raisers Association](https://feedsoft.ai/events/73159-us-retail-diesel-prices-expected-to-increase-texas-and-southwestern-cattle.md) | +0.7% | +2.6% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-canadian-dollar-steadies-as-annual-inflation-stays-near-zero/

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