# Who knew? The loonie is on track for its biggest yearly gain in eight years - Financial Post

> The Canadian dollar reached a two-month high of 79.8 US cents on Dec. 29 and is on track for its biggest annual gain since 2009. US crude rose to $60.13 a barrel after an unexpected fall in American output and inventories, and the US dollar fell to a three-month low.

- Date: 2017-12-29 · published 2017-12-29T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/67693-who-knew-the-loonie-is-on-track-for-its-biggest-yearly-gain-in-eight-years
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A broadly weaker US dollar and firmer oil prices support commodity prices in USD terms, while a stronger loonie makes Canadian-origin feed more expensive for US buyers. Money markets expect three Bank of Canada hikes in 2018.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2018-06-13 | [Fed rate hike said in the bag, but watch for what could be the biggest policy shift in almost three years - Financial Post](https://feedsoft.ai/events/64712-fed-rate-hike-said-in-the-bag-but-watch-for-what-could-be-the-biggest-policy.md) | +1.3% | +0.6% |
| DXY | 2020-11-09 | [For investors, China's yuan is the big winner from Biden victory \| Financial Post](https://feedsoft.ai/events/50363-for-investors-china-s-yuan-is-the-big-winner-from-biden-victory-financial-post.md) | -0.1% | -1.7% |
| DXY | 2018-11-28 | [Loonie's dip below 75 cents proves short-lived — and there might be more good news on the way \| Financial Post](https://feedsoft.ai/events/62271-loonie-s-dip-below-75-cents-proves-short-lived-and-there-might-be-more-good.md) | -0.8% | -0.8% |
| DXY | 2025-12-29 | [Rand set for biggest gain in 16 years on SA stability - Moneyweb](https://feedsoft.ai/events/21775-rand-set-for-biggest-gain-in-16-years-on-sa-stability-moneyweb.md) | +0.1% | -1.7% |
| DXY | 2019-06-20 | [US dollar on track for biggest 2-day drop this year on dovish Fed](https://feedsoft.ai/events/58787-us-dollar-on-track-for-biggest-2-day-drop-this-year-on-dovish-fed.md) | -1.1% | -0.8% |
| 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 | 2018-01-02 | [Loonie starts the year on a tear, cracking 80 cents with a big boost from oil \| Financial Post](https://feedsoft.ai/events/67204-loonie-starts-the-year-on-a-tear-cracking-80-cents-with-a-big-boost-from-oil.md) | +2.1% | +6.9% |
| 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% |

## Sources

- financialpost.com: https://financialpost.com/economy/canada-fx-debt-c-adds-to-2-month-high-on-course-to-rise-7-2-pct-in-2017/

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