# Forget oil – this is the commodity that will lead the loonie’s next moves - The Globe and Mail

> A Globe and Mail market column argues that commodity price strength and ultra-low U.S. interest rates should push the loonie higher in the coming months. It notes the Canadian dollar has rallied about 10% since the March equity lows to near 76 U.S. cents, while still lagging other developed-market currencies this year. The author also flags that short-term speculative enthusiasm for the loonie may have gone too far.

- Date: 2020-09-09 · published 2020-09-09T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/51353-forget-oil-this-is-the-commodity-that-will-lead-the-loonie-s-next-moves-the
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A firmer loonie raises the U.S.-dollar cost of Canadian exports, which can support prices for commodities priced in U.S. dollars. The column is analysis rather than a confirmed move, so its direct feed-market effect is limited.

## Read by commodity

- DXY: bearish ▼
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2019-06-20 | [Why investors should prepare for a stronger loonie - The Globe and Mail](https://feedsoft.ai/events/58835-why-investors-should-prepare-for-a-stronger-loonie-the-globe-and-mail.md) | -1.1% | -0.8% |
| DXY | 2026-01-31 | [Loonie on a wild ride as global investors reassess the greenback - The Globe and Mail](https://feedsoft.ai/events/21282-loonie-on-a-wild-ride-as-global-investors-reassess-the-greenback-the-globe-and.md) | +0.3% | +0.7% |
| DXY | 2017-01-31 | [Loonie rallies as Trump’s ‘guns of Navarro’ knock U.S. dollar - The Globe and Mail](https://feedsoft.ai/events/73203-loonie-rallies-as-trump-s-guns-of-navarro-knock-u-s-dollar-the-globe-and-mail.md) | -0.6% | -0.6% |
| DXY | 2018-02-20 | [Why the commodity rally will get back on track \| Wood Mackenzie](https://feedsoft.ai/events/66407-why-the-commodity-rally-will-get-back-on-track-wood-mackenzie.md) | +0.7% | +1.4% |
| DXY | 2024-06-29 | [The US Needs A Weak Currency, Which Will Be A Tailwind For Commodities](https://feedsoft.ai/events/29637-the-us-needs-a-weak-currency-which-will-be-a-tailwind-for-commodities.md) | -0.7% | -0.1% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/article-short-term-headwinds-for-the-loonie-should-have-investors-watching-the/

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