# Poloz helped the Loonie, but a weak Crude Oil and a strong USD dollar index are not - OFX (US)

> The Canadian dollar rallied after Bank of Canada Governor Stephen Poloz said monetary policy remains stimulative following a recent rate increase to 1.75 percent. Crude oil fell about 14 percent from its October 3 high to near US$65.90 a barrel, while USD/CAD traded flat near 1.3136. Stronger US consumer confidence supported the dollar.

- Date: 2018-10-30 · published 2018-10-30T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/62775-poloz-helped-the-loonie-but-a-weak-crude-oil-and-a-strong-usd-dollar-index-are
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A weaker loonie tied to lower crude makes Canadian-denominated feed and grain costs slightly more expensive for buyers, while softer oil reduces energy-linked input costs. The effect on feed commodity prices is modest.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-07-26 | [Canadian dollar posts longest losing streak in six years as oil falls - The Globe and Mail](https://feedsoft.ai/events/29504-canadian-dollar-posts-longest-losing-streak-in-six-years-as-oil-falls-the-globe.md) | -2.3% | -7.0% |
| WTI | 2026-08-28 | [Dollar Strength and Increased Middle East Oil Flows Weigh on Crude Prices](https://feedsoft.ai/events/18056-dollar-strength-and-increased-middle-east-oil-flows-weigh-on-crude-prices.md) | +9.2% | +13.1% |
| WTI | 2017-06-15 | [Oil and U.S. dollar conspire to push down loonie as this week's gains lose some loft - Financial Post](https://feedsoft.ai/events/70741-oil-and-u-s-dollar-conspire-to-push-down-loonie-as-this-week-s-gains-lose-some.md) | -5.1% | +2.9% |
| WTI | 2020-03-17 | [Canadian dollar sinking: The petro-loonie resurfaces at exactly the wrong time - The Globe and Mail](https://feedsoft.ai/events/54359-canadian-dollar-sinking-the-petro-loonie-resurfaces-at-exactly-the-wrong-time.md) | -19.2% | -30.3% |
| WTI | 2020-10-30 | [USD/CAD Helped By Oil Weakness, But Election Anxiety Keeps a Lid - Currency Live](https://feedsoft.ai/events/50856-usd-cad-helped-by-oil-weakness-but-election-anxiety-keeps-a-lid-currency-live.md) | +7.3% | +26.5% |
| DXY | 2022-09-28 | [Why is the US dollar so strong, and what does it mean?](https://feedsoft.ai/events/10320-why-is-the-us-dollar-so-strong-and-what-does-it-mean.md) | -1.8% | -1.5% |
| DXY | 2023-06-01 | [Why is the US dollar so strong again?](https://feedsoft.ai/events/35846-why-is-the-us-dollar-so-strong-again.md) | -0.9% | -1.2% |
| DXY | 2022-07-01 | [Why has the dollar been so strong – and can it continue?](https://feedsoft.ai/events/40856-why-has-the-dollar-been-so-strong-and-can-it-continue.md) | +1.2% | +0.7% |

## Sources

- ofx.com: https://www.ofx.com/en-us/forex-news/daily-and-weekly-market-news/2018/10/31/poloz-helped-the-loonie-but-a-weak-crude-oil-and-a-strong-usd-dollar-index-are-not/

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