# C$ nears 7-month high; market awaits policy clues from new finance minister - Markets - Business Recorder

> The Canadian dollar strengthened to its highest level in nearly seven months on August 18 as the US dollar index fell to its lowest in over two years. Chrystia Freeland was named Canada's new finance minister after Bill Morneau resigned, and markets awaited her policy direction.

- Date: 2020-08-18 · published 2020-08-18T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/51858-c-nears-7-month-high-market-awaits-policy-clues-from-new-finance-minister
- 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 weaker US dollar and firmer loonie raise the dollar cost of Canadian-origin feed commodities. Political change adds uncertainty but is unlikely to shift feed prices materially.

## Read by commodity

- DXY: bearish ▼
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2020-08-06 | [Sterling rises to 5-month high - Markets - Business Recorder](https://feedsoft.ai/events/51867-sterling-rises-to-5-month-high-markets-business-recorder.md) | +0.3% | -0.7% |
| DXY | 2026-07-31 | [Yuan rises to 1-1/2-month high - Markets - Business Recorder](https://feedsoft.ai/events/18572-yuan-rises-to-1-1-2-month-high-markets-business-recorder.md) | -0.1% | -1.1% |
| DXY | 2020-08-05 | [Yuan finishes domestic trade near 5-month high, recoups 2020 losses - Markets - Business Recorder](https://feedsoft.ai/events/51843-yuan-finishes-domestic-trade-near-5-month-high-recoups-2020-losses-markets.md) | -0.3% | -1.9% |
| DXY | 2021-08-27 | [Pound hits over 1-week high - Business & Finance - Business Recorder](https://feedsoft.ai/events/45804-pound-hits-over-1-week-high-business-and-finance-business-recorder.md) | -0.9% | -0.0% |
| DXY | 2021-03-18 | [Gold gains after Fed maintains easy monetary policy stance - Markets - Business Recorder](https://feedsoft.ai/events/48016-gold-gains-after-fed-maintains-easy-monetary-policy-stance-markets-business.md) | +0.4% | -0.3% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40012868

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