# Loonie starts the year on a tear, cracking 80 cents with a big boost from oil | Financial Post

> The Canadian dollar crossed 80 U.S. cents on the first trading day of 2018 after ending 2017 up nearly 7%. The move came as the U.S. dollar fell broadly and oil held near a 2.5-year high amid protests in Iran and OPEC and Russian supply cuts. U.S. crude traded near $60.40 a barrel.

- Date: 2018-01-02 · published 2018-01-02T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/67204-loonie-starts-the-year-on-a-tear-cracking-80-cents-with-a-big-boost-from-oil
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Higher oil prices support the loonie and raise energy input costs, which can lift feed and freight costs in the near term.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-02-26 | [Posthaste: Why the high-flying loonie could soar to 84 cents this year - Financial Post](https://feedsoft.ai/events/48893-posthaste-why-the-high-flying-loonie-could-soar-to-84-cents-this-year-financial.md) | +0.6% | -7.8% |
| WTI | 2021-12-16 | [Posthaste: The loonie's not done yet. BofA sees Canadian dollar at 83 cents next year - Financial Post](https://feedsoft.ai/events/43859-posthaste-the-loonie-s-not-done-yet-bofa-sees-canadian-dollar-at-83-cents-next.md) | +2.7% | +15.7% |
| WTI | 2017-12-29 | [Who knew? The loonie is on track for its biggest yearly gain in eight years - Financial Post](https://feedsoft.ai/events/67693-who-knew-the-loonie-is-on-track-for-its-biggest-yearly-gain-in-eight-years.md) | +2.7% | +9.7% |
| WTI | 2021-10-29 | [C$ falls on GDP miss; posts biggest monthly gain in nearly a year \| Financial Post](https://feedsoft.ai/events/44811-c-falls-on-gdp-miss-posts-biggest-monthly-gain-in-nearly-a-year-financial-post.md) | -4.8% | -9.7% |
| 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/investing/canada-fx-debt-c-climbs-against-u-s-dollar-oil-near-2-1-2-year-peak

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