# Canadian Dollar Slides on Higher Producer Prices, Crashing Oil Prices

> The Canadian dollar slid on September 29 as crude oil fell sharply, with December WTI down $2.15 to $38.46 a barrel. Statistics Canada reported that August producer prices rose 0.3% month on month but were down 2.3% year on year. Natural gas futures also fell about 8.8%.

- Date: 2020-09-29 · published 2020-09-29T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/51350-canadian-dollar-slides-on-higher-producer-prices-crashing-oil-prices
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Natural Gas](https://feedsoft.ai/c/NATGAS.md)

## Why it matters

Lower energy prices weaken the loonie and reduce Canadian export revenues, while cheaper natural gas lowers the cost of nitrogen fertilizer and energy inputs. Feed buyers may see softer energy-linked costs.

## Read by commodity

- WTI: bearish ▼
- NATGAS: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-01-24 | [Canadian dollar slips as oil prices fall on China virus scare](https://feedsoft.ai/events/55301-canadian-dollar-slips-as-oil-prices-fall-on-china-virus-scare.md) | -6.1% | -3.9% |
| WTI | 2019-03-01 | [Canadian Dollar Slumps on `Gruesome' GDP and Sliding Oil Prices - Bloomberg](https://feedsoft.ai/events/60317-canadian-dollar-slumps-on-gruesome-gdp-and-sliding-oil-prices-bloomberg.md) | -1.0% | +3.6% |
| WTI | 2018-05-31 | [Oil Price Slides, Canadian Dollar Exchange Rates Side With It \| Exchange Rates UK](https://feedsoft.ai/events/65244-oil-price-slides-canadian-dollar-exchange-rates-side-with-it-exchange-rates-uk.md) | -5.1% | +11.1% |
| WTI | 2018-10-31 | [Lower Oil Prices: Canadian Dollar Hits 7-Week Low \| Investors King](https://feedsoft.ai/events/62781-lower-oil-prices-canadian-dollar-hits-7-week-low-investors-king.md) | -6.0% | -24.2% |
| WTI | 2023-05-30 | [Canadian dollar dips as oil prices fall more than 4%](https://feedsoft.ai/events/36186-canadian-dollar-dips-as-oil-prices-fall-more-than-4.md) | -0.4% | -6.6% |
| NATGAS | 2020-04-15 | [Amid oilpatch carnage, this Canadian energy commodity is actually seeing prices spike - Financial Post](https://feedsoft.ai/events/12202-amid-oilpatch-carnage-this-canadian-energy-commodity-is-actually-seeing-prices.md) | +9.7% | -2.3% |
| NATGAS | 2022-10-30 | [U.S. Dollar's Recovery Can Be Extended \| Investing.com](https://feedsoft.ai/events/39331-u-s-dollar-s-recovery-can-be-extended-investing-com.md) | -5.3% | +18.8% |
| NATGAS | 2019-03-21 | [Morgan Stanley: Low European gas prices to prompt US LNG utilization cuts \| Oil & Gas Journal](https://feedsoft.ai/events/60257-morgan-stanley-low-european-gas-prices-to-prompt-us-lng-utilization-cuts-oil.md) | -4.9% | -10.8% |

## Sources

- fxdailyreport.com: https://fxdailyreport.com/canadian-dollar-slides-on-higher-producer-prices-crashing-oil-prices/

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