# Canadian dollar hits eight-week low as U.S. Fed affirms rate hike policy - The Globe and Mail

> The Canadian dollar hit an eight-week low on Thursday as oil fell and the Federal Reserve kept its plan for gradual rate hikes. US crude settled 1.6 percent lower at $60.67 a barrel on concerns about swelling global supply.

- Date: 2018-11-08 · published 2018-11-08T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/62276-canadian-dollar-hits-eight-week-low-as-u-s-fed-affirms-rate-hike-policy-the
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Firmer US rate expectations strengthen the dollar and pressure USD-priced commodities, while lower crude reflects supply-glut concerns. The effect on feed commodities is indirect and modest.

## Read by commodity

- DXY: bullish ▲
- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-02-15 | [Canadian dollar weakens as U.S. data boosts Fed rate hike prospects - The Globe and Mail](https://feedsoft.ai/events/37578-canadian-dollar-weakens-as-u-s-data-boosts-fed-rate-hike-prospects-the-globe.md) | -6.5% | -14.7% |
| 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 | 2023-04-17 | [Canadian dollar slips, pressured by Fed rate hike bets - The Globe and Mail](https://feedsoft.ai/events/36641-canadian-dollar-slips-pressured-by-fed-rate-hike-bets-the-globe-and-mail.md) | -5.7% | -15.2% |
| WTI | 2018-04-24 | [Canadian dollar steadies near three-week low as U.S. 10-year yield hits 3 per cent - The Globe and Mail](https://feedsoft.ai/events/65742-canadian-dollar-steadies-near-three-week-low-as-u-s-10-year-yield-hits-3-per.md) | +0.9% | +6.3% |
| WTI | 2024-01-31 | [Canadian dollar weakens as Fed rate signal offsets GDP gain - The Globe and Mail](https://feedsoft.ai/events/32333-canadian-dollar-weakens-as-fed-rate-signal-offsets-gdp-gain-the-globe-and-mail.md) | -6.0% | +1.3% |
| DXY | 2023-02-15 | [Canadian dollar weakens as U.S. data boosts Fed rate hike prospects - The Globe and Mail](https://feedsoft.ai/events/37578-canadian-dollar-weakens-as-u-s-data-boosts-fed-rate-hike-prospects-the-globe.md) | +0.8% | +1.8% |
| DXY | 2018-04-24 | [Canadian dollar steadies near three-week low as U.S. 10-year yield hits 3 per cent - The Globe and Mail](https://feedsoft.ai/events/65742-canadian-dollar-steadies-near-three-week-low-as-u-s-10-year-yield-hits-3-per.md) | +0.4% | +2.5% |
| DXY | 2024-01-31 | [Canadian dollar weakens as Fed rate signal offsets GDP gain - The Globe and Mail](https://feedsoft.ai/events/32333-canadian-dollar-weakens-as-fed-rate-signal-offsets-gdp-gain-the-globe-and-mail.md) | +0.3% | +0.4% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-canadian-dollar-nudges-higher-ahead-of-us-fed-decision-on-interest/

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