# Canadian dollar climbs to 7-week high on NAFTA optimism, oil rally - Financial Post

> The Canadian dollar rose to a nearly seven-week high against the U.S. dollar on July 30, 2018. The gain was driven by higher oil prices and optimism that the U.S., Mexico and Canada could make progress on NAFTA talks, with Mexico and the U.S. agreeing to step up negotiations toward an August target.

- Date: 2018-07-30 · published 2018-07-30T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/64254-canadian-dollar-climbs-to-7-week-high-on-nafta-optimism-oil-rally-financial-post
- 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 stronger loonie and firmer crude prices shift the cost of Canadian and oil-linked inputs for feed buyers, and a NAFTA deal would ease trade risk for North American meal and grain flows.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-02-12 | [Canadian dollar climbs to one-week high as virus fears ebb \| Financial Post](https://feedsoft.ai/events/54807-canadian-dollar-climbs-to-one-week-high-as-virus-fears-ebb-financial-post.md) | +6.6% | -33.8% |
| WTI | 2020-10-08 | [Canadian dollar rallies on higher oil prices, U.S. stimulus hopes \| Financial Post](https://feedsoft.ai/events/50857-canadian-dollar-rallies-on-higher-oil-prices-u-s-stimulus-hopes-financial-post.md) | +2.7% | -2.1% |
| WTI | 2021-12-10 | [Canadian dollar set to end weekly losing streak as oil rallies \| Financial Post](https://feedsoft.ai/events/43855-canadian-dollar-set-to-end-weekly-losing-streak-as-oil-rallies-financial-post.md) | +2.1% | +11.4% |
| WTI | 2021-09-28 | [Canadian dollar retreats from 3-week high as bond yields climb \| Financial Post](https://feedsoft.ai/events/45281-canadian-dollar-retreats-from-3-week-high-as-bond-yields-climb-financial-post.md) | +2.8% | +11.7% |
| WTI | 2020-12-02 | [Canadian dollar notches a 2-year high on higher oil prices \| Financial Post](https://feedsoft.ai/events/49875-canadian-dollar-notches-a-2-year-high-on-higher-oil-prices-financial-post.md) | +2.4% | +8.4% |

## Sources

- financialpost.com: https://financialpost.com/economy/canadian-dollar-climbs-to-7-week-high-on-nafta-optimism-oil-rally/

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