# CAD swoons after BOC; Large DOE build fails to sink Oil | XTB

> The Canadian dollar fell sharply on April 24, 2019, after the Bank of Canada dropped its tightening bias and cut its 2019 GDP forecast to 1.2 per cent. USD/CAD rose above 1.35, its highest level since early January, while oil stayed near recent highs despite a large U.S. crude inventory build.

- Date: 2019-04-24 · published 2019-04-24T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/59818-cad-swoons-after-boc-large-doe-build-fails-to-sink-oil-xtb
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A weaker loonie makes Canadian exports such as canola and barley cheaper in US dollar terms, supporting Canadian export competitiveness and slightly pressuring global oilseed prices.

## Read by commodity

- WTI: neutral
- USDCAD: bullish ▲
- CANMEAL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-01-24 | [Is it too late for a Colombian oil boom? \| Global Risk Insights](https://feedsoft.ai/events/73274-is-it-too-late-for-a-colombian-oil-boom-global-risk-insights.md) | -0.3% | +2.4% |
| WTI | 2017-04-18 | [Why boom-bust oil prices may be here to stay](https://feedsoft.ai/events/71676-why-boom-bust-oil-prices-may-be-here-to-stay.md) | -6.9% | -7.2% |
| WTI | 2018-03-26 | [China oil futures launch may threaten primacy of U.S. dollar: UBS](https://feedsoft.ai/events/66216-china-oil-futures-launch-may-threaten-primacy-of-u-s-dollar-ubs.md) | -4.2% | +3.2% |
| WTI | 2026-09-29 | [Dollar firms, Aussie drops after RBA hike, and sterling slips on Burnham speech By Investing.com](https://feedsoft.ai/events/17720-dollar-firms-aussie-drops-after-rba-hike-and-sterling-slips-on-burnham-speech.md) | -1.0% | +6.8% |
| WTI | 2017-03-30 | [Why the outlook for the loonie is such a bummer - The Globe and Mail](https://feedsoft.ai/events/72214-why-the-outlook-for-the-loonie-is-such-a-bummer-the-globe-and-mail.md) | +3.4% | -1.1% |

## Sources

- xtb.com: https://www.xtb.com/en/market-analysis/cad-swoons-after-boc-large-doe-build-fails-to-sink-oil

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