# Canadian Dollar Slumps on `Gruesome' GDP and Sliding Oil Prices - Bloomberg

> The Canadian dollar fell as much as 0.7% to C$1.3267 per US dollar after weaker-than-expected fourth-quarter GDP data. Oil prices slid 1.7%, adding pressure. Traders reduced bets on a Bank of Canada rate hike this year.

- Date: 2019-03-01 · published 2019-03-01T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/60317-canadian-dollar-slumps-on-gruesome-gdp-and-sliding-oil-prices-bloomberg
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A weaker loonie and lower oil reduce Canadian energy-linked demand and make Canadian-origin feed and oilseed products cheaper in USD terms, while a weaker CAD supports Canadian exporters' competitiveness.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-09-29 | [Canadian Dollar Slides on Higher Producer Prices, Crashing Oil Prices](https://feedsoft.ai/events/51350-canadian-dollar-slides-on-higher-producer-prices-crashing-oil-prices.md) | -3.4% | -5.1% |
| 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 | 2022-10-31 | [Canadian dollar slips to six-day low as oil prices fall - The Globe and Mail](https://feedsoft.ai/events/39347-canadian-dollar-slips-to-six-day-low-as-oil-prices-fall-the-globe-and-mail.md) | +5.4% | -12.2% |
| 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% |
| WTI | 2020-01-29 | [Canadian dollar nears seven-week low as oil prices fall - The Globe and Mail](https://feedsoft.ai/events/55300-canadian-dollar-nears-seven-week-low-as-oil-prices-fall-the-globe-and-mail.md) | -7.1% | -8.8% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2019-03-01/canadian-dollar-slumps-on-gruesome-gdp-and-sliding-oil-prices

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