# The Canadian Dollar Leads G10 Pack Even after Growth Data Sidelines the BoC

> Canada's economy contracted 0.1% in November, in line with expectations, after a 0.3% rise in October. Weakness in wholesale, manufacturing and construction offset gains elsewhere, and economists see the Bank of Canada on hold. The Canadian dollar still held the top spot among G10 currencies as oil rebounded.

- Date: 2019-01-31 · published 2019-01-31T12:00:00.000Z
- Category: report · region Canada · magnitude low
- Page: https://feedsoft.ai/events/61324-the-canadian-dollar-leads-g10-pack-even-after-growth-data-sidelines-the-boc
- 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 slowing Canadian economy and a steady central bank keep the loonie driven by oil, which affects Canadian energy-linked costs and the currency value of Canadian commodity exports.

## Read by commodity

- WTI: bullish ▲
- USDCAD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-09-16 | [Canadian dollar steadies as annual inflation stays near zero - The Globe and Mail](https://feedsoft.ai/events/51348-canadian-dollar-steadies-as-annual-inflation-stays-near-zero-the-globe-and-mail.md) | +3.3% | +4.7% |
| WTI | 2017-12-12 | [SHORT-TERM ENERGY OUTLOOK - See the December 12th Report HERE: U.S. Energy Information Administration - Canadian Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow](https://feedsoft.ai/events/67658-short-term-energy-outlook-see-the-december-12th-report-here-u-s-energy.md) | -1.2% | +9.8% |
| WTI | 2017-01-29 | [Pain at the pump: Gas prices heading up after years of decline - The Republic News](https://feedsoft.ai/events/73161-pain-at-the-pump-gas-prices-heading-up-after-years-of-decline-the-republic-news.md) | +1.2% | +1.6% |
| WTI | 2025-05-14 | [OPEC expects slower 2025 oil supply growth from rivals after price drop](https://feedsoft.ai/events/24854-opec-expects-slower-2025-oil-supply-growth-from-rivals-after-price-drop.md) | -1.7% | +6.3% |
| WTI | 2018-08-22 | [Oil surges after data shows steep drop in US crude inventories](https://feedsoft.ai/events/63703-oil-surges-after-data-shows-steep-drop-in-us-crude-inventories.md) | +1.8% | +5.6% |

## Sources

- poundsterlinglive.com: https://www.poundsterlinglive.com/cad/10772-canadian-dollar-leads-g10-pack-even-after-growth-data-sidelines-the-boc

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