# Pound-Canadian Dollar Rally Endures as GDP Growth Beat Overlooked amid Virus Fears

> The pound-Canadian dollar rate rose as Canada's November GDP grew 0.1%, beating expectations, but the loonie failed to benefit. Oil prices fell sharply amid coronavirus fears that the WHO has now declared a global emergency.

- Date: 2020-01-31 · published 2020-01-31T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/55306-pound-canadian-dollar-rally-endures-as-gdp-growth-beat-overlooked-amid-virus
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Oil and commodity-currency weakness from virus-driven demand fears signals softer energy prices and weaker commodity-linked currencies.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2020-02-04 | 5 | -9.3% | -2.8 | Oil fell sharply on Jan 31 after WHO declared a global emergency, a sentiment shock at the start of the window. |

## 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 | 2021-12-15 | [Canadian dollar at nearly 3-month low as oil prices fall \| Reuters](https://feedsoft.ai/events/43853-canadian-dollar-at-nearly-3-month-low-as-oil-prices-fall-reuters.md) | +0.7% | +16.9% |
| WTI | 2020-10-26 | [Canadian dollar hits 10-day low as virus clips global outlook \| Financial Post](https://feedsoft.ai/events/50854-canadian-dollar-hits-10-day-low-as-virus-clips-global-outlook-financial-post.md) | -10.3% | +5.7% |
| WTI | 2023-02-01 | [Canadian dollar posts 2½-month high as stocks rally after Fed rate hike - The Globe and Mail](https://feedsoft.ai/events/37580-canadian-dollar-posts-21-2-month-high-as-stocks-rally-after-fed-rate-hike-the.md) | -2.2% | -1.7% |
| WTI | 2026-09-21 | [Canadian dollar under pressure as oil retreats and US rate outlook supports greenb By Investing.com](https://feedsoft.ai/events/17703-canadian-dollar-under-pressure-as-oil-retreats-and-us-rate-outlook-supports.md) | -12.0% | -4.2% |
| BRENT | 2020-03-09 | [Ringgit to endure volatility amid lower oil prices, increased virus fears](https://feedsoft.ai/events/54382-ringgit-to-endure-volatility-amid-lower-oil-prices-increased-virus-fears.md) | -27.3% | -36.6% |
| BRENT | 2021-11-30 | [Canadian dollar dips as Omicron variant concerns offset GDP gain - The Globe and Mail](https://feedsoft.ai/events/44264-canadian-dollar-dips-as-omicron-variant-concerns-offset-gdp-gain-the-globe-and.md) | -0.2% | +4.8% |
| BRENT | 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) | -3.1% | +0.2% |

## Sources

- poundsterlinglive.com: https://www.poundsterlinglive.com/cad/12727-pound-canadian-dollar-rally-endures-as-ca-growth-beat-overlooked-amid-virus-fears

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