# Canadian dollar posts fresh seven-week high as oil climbs | Reuters

> The Canadian dollar reached a seven-week high as oil prices climbed. It had rebounded more than 3% from an eight-month low in mid-November. Higher oil prices offset uncertainty after the US election and expectations for Fed rate increases.

- Date: 2016-12-12 · published 2016-12-12T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/73701-canadian-dollar-posts-fresh-seven-week-high-as-oil-climbs-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Rising crude supports vegetable oil and biofuel values, while a firmer loonie makes Canadian grain and oilseed exports more expensive in US dollar terms.

## 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 | 2022-02-03 | [Canadian dollar forecasts turn more bullish as oil hits 7-year high: Reuters poll](https://feedsoft.ai/events/42925-canadian-dollar-forecasts-turn-more-bullish-as-oil-hits-7-year-high-reuters-poll.md) | +1.6% | +22.1% |
| 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 | 2018-07-30 | [Canadian dollar climbs to 7-week high on NAFTA optimism, oil rally - Financial Post](https://feedsoft.ai/events/64254-canadian-dollar-climbs-to-7-week-high-on-nafta-optimism-oil-rally-financial-post.md) | -0.3% | +1.0% |
| WTI | 2022-05-05 | [Canadian dollar seen rebounding as high oil price feeds trade surplus \| Reuters](https://feedsoft.ai/events/41653-canadian-dollar-seen-rebounding-as-high-oil-price-feeds-trade-surplus-reuters.md) | -2.1% | +8.4% |

## Sources

- reuters.com: https://www.reuters.com/article/canada-forex-idUSL1N1E71LM/?feedName=usDollarRpt&feedType=RSS

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