# CAD: Oil isn't enough - C$ falls on bank downgrades - Forex Crunch

> Moody's downgraded six major Canadian banks, citing consumer debt and elevated housing prices. The downgrade reversed the loonie's gains as USD/CAD rose back toward 1.37 after WTI recovered to about $47.

- Date: 2017-05-11 · published 2017-05-11T12:00:00.000Z
- Category: report · region Canada · magnitude low
- Page: https://feedsoft.ai/events/71243-cad-oil-isn-t-enough-c-falls-on-bank-downgrades-forex-crunch
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Bank downgrades add to loonie weakness and broader Canadian economic risk, which keeps Canadian export commodities cheaper in US dollar terms for feed buyers.

## Read by commodity

- WTI: neutral
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-02-01 | [EIA forecasts world crude oil prices to rise gradually, averaging $65 per barrel in 2020](https://feedsoft.ai/events/61262-eia-forecasts-world-crude-oil-prices-to-rise-gradually-averaging-65-per-barrel.md) | -2.1% | +6.3% |
| WTI | 2025-07-01 | [OPEC trims 2025 oil demand growth estimate but hikes ‘call’ on its crude](https://feedsoft.ai/events/24393-opec-trims-2025-oil-demand-growth-estimate-but-hikes-call-on-its-crude.md) | +4.3% | +2.3% |
| WTI | 2019-02-01 | [Crude oil prices end the year lower than they began the year](https://feedsoft.ai/events/61265-crude-oil-prices-end-the-year-lower-than-they-began-the-year.md) | -2.1% | +6.3% |
| WTI | 2017-08-01 | [Brent and WTI crude oil prices expected to average about $50 per barrel through 2018](https://feedsoft.ai/events/70147-brent-and-wti-crude-oil-prices-expected-to-average-about-50-per-barrel-through.md) | -1.6% | -7.5% |
| WTI | 2025-01-08 | [US crude stocks at Cushing fall to decade-low, fuel inventories surge, EIA says](https://feedsoft.ai/events/10349-us-crude-stocks-at-cushing-fall-to-decade-low-fuel-inventories-surge-eia-says.md) | +4.3% | -4.6% |

## Sources

- forexcrunch.com: https://www.forexcrunch.com/blog/2017/05/11/cad-oil-isnt-enough-c-falls-bank-downgrades/

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