# Canadian dollar shakes off plunge in oil as investors brace for BoC rate hike - The Globe and Mail

> The Canadian dollar edged higher on October 23 as investors kept bets that the Bank of Canada would raise rates the next day, despite a sharp drop in oil. US crude futures settled 4.2 percent lower at $66.43 a barrel on stock sell-off worries and Saudi supply comments.

- Date: 2018-10-23 · published 2018-10-23T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/62779-canadian-dollar-shakes-off-plunge-in-oil-as-investors-brace-for-boc-rate-hike
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Lower crude weighs on energy costs and Canadian export earnings, while a firmer loonie on rate expectations raises the cost of Canadian-sourced commodities priced in US dollars.

## Read by commodity

- WTI: bearish ▼
- USDCAD: neutral

## 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 | 2023-04-17 | [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 | 2023-05-18 | [Canadian dollar falls as BoC’s Macklem resists validating rate hike bets - The Globe and Mail](https://feedsoft.ai/events/36189-canadian-dollar-falls-as-boc-s-macklem-resists-validating-rate-hike-bets-the.md) | +2.1% | -3.0% |
| WTI | 2023-05-31 | [Canadian dollar pares monthly decline as rate hike bets climb - The Globe and Mail](https://feedsoft.ai/events/36178-canadian-dollar-pares-monthly-decline-as-rate-hike-bets-climb-the-globe-and-mail.md) | +3.3% | +0.1% |
| WTI | 2020-03-27 | [Canadian dollar pulls back from 10-day high as investor sentiment sours - The Globe and Mail](https://feedsoft.ai/events/54354-canadian-dollar-pulls-back-from-10-day-high-as-investor-sentiment-sours-the.md) | +37.1% | -32.8% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/business/article-canadian-dollar-edges-lower-as-oil-and-stock-prices-slide/

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