# C$ hits a 5-week low on soft data, lower oil prices

> The Canadian dollar fell to a five-week low as softer domestic data and lower oil prices weighed on it. US crude was down about 0.6% near $52.63 a barrel, as a stronger dollar and higher Libyan output offset planned OPEC cuts. The loonie traded around C$1.3542 per US dollar.

- Date: 2016-12-23 · published 2016-12-23T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/73697-c-hits-a-5-week-low-on-soft-data-lower-oil-prices
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A weaker loonie makes Canadian-origin feed and oilseed exports cheaper in US dollar terms, while lower crude reduces biofuel and diesel cost support for vegetable oils.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-10-31 | [Lower Oil Prices: Canadian Dollar Hits 7-Week Low \| Investors King](https://feedsoft.ai/events/62781-lower-oil-prices-canadian-dollar-hits-7-week-low-investors-king.md) | -6.0% | -24.2% |
| WTI | 2024-10-16 | [Oil prices hold at 2-week low on lower oil demand growth forecasts](https://feedsoft.ai/events/28030-oil-prices-hold-at-2-week-low-on-lower-oil-demand-growth-forecasts.md) | +2.2% | -3.8% |
| WTI | 2026-07-27 | [Canadian dollar hits near two-week low as oil prices drop \| Reuters](https://feedsoft.ai/events/18591-canadian-dollar-hits-near-two-week-low-as-oil-prices-drop-reuters.md) | -3.3% | -2.6% |
| WTI | 2024-07-30 | [Oil prices slide 1%, settle at 7-week low on China worries](https://feedsoft.ai/events/29441-oil-prices-slide-1-settle-at-7-week-low-on-china-worries.md) | -3.7% | +1.7% |
| WTI | 2020-07-28 | [Colombian peso hits lowest in a month on weak oil price \| Financial Post](https://feedsoft.ai/events/52400-colombian-peso-hits-lowest-in-a-month-on-weak-oil-price-financial-post.md) | -1.5% | +2.4% |

## Sources

- reuters.com: https://www.reuters.com/article/canada-forex-idUSL1N1EI0P8/?feedName=usDollarRpt&feedType=RSS

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