# C$ strengthens as oil extends rally on OPEC deal

> The Canadian dollar strengthened as oil extended its rally after OPEC and major producers agreed to cut output for the first time in eight years. US crude rose about 3% to $50.92 a barrel. Canadian third-quarter GDP also grew at its fastest pace in over two years.

- Date: 2016-12-01 · published 2016-12-01T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/73708-c-strengthens-as-oil-extends-rally-on-opec-deal
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

The OPEC cut tightens crude supply, supporting vegetable oil and biofuel input costs, while the firmer oil price lifts the loonie.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-08-26 | [Canadian dollar strengthens to 5-month high as oil rallies](https://feedsoft.ai/events/29033-canadian-dollar-strengthens-to-5-month-high-as-oil-rallies.md) | -1.7% | -5.9% |
| WTI | 2016-11-17 | [C$ strengthens to a 1-week high as oil climbs](https://feedsoft.ai/events/74055-c-strengthens-to-a-1-week-high-as-oil-climbs.md) | +3.4% | +11.7% |
| WTI | 2023-06-28 | [Nasdaq ends up, dollar strengthens as Powell hints at more rate hikes \| Reuters](https://feedsoft.ai/events/35413-nasdaq-ends-up-dollar-strengthens-as-powell-hints-at-more-rate-hikes-reuters.md) | +6.1% | +16.7% |
| WTI | 2022-05-30 | [Price connection strengthens between canola, crude oil](https://feedsoft.ai/events/41512-price-connection-strengthens-between-canola-crude-oil.md) | +3.0% | -1.7% |
| WTI | 2023-01-18 | [OPEC Expands Control Of Oil Markets As Shale Growth Stalls \| OilPrice.com](https://feedsoft.ai/events/37961-opec-expands-control-of-oil-markets-as-shale-growth-stalls-oilprice-com.md) | -0.3% | -1.4% |
| BRENT | 2023-06-28 | [Nasdaq ends up, dollar strengthens as Powell hints at more rate hikes \| Reuters](https://feedsoft.ai/events/35413-nasdaq-ends-up-dollar-strengthens-as-powell-hints-at-more-rate-hikes-reuters.md) | +4.7% | +15.9% |
| BRENT | 2022-05-30 | [Price connection strengthens between canola, crude oil](https://feedsoft.ai/events/41512-price-connection-strengthens-between-canola-crude-oil.md) | +2.0% | -4.2% |
| BRENT | 2023-01-18 | [OPEC Expands Control Of Oil Markets As Shale Growth Stalls \| OilPrice.com](https://feedsoft.ai/events/37961-opec-expands-control-of-oil-markets-as-shale-growth-stalls-oilprice-com.md) | +0.6% | +0.1% |

## Sources

- reuters.com: https://www.reuters.com/article/canada-forex-idUSL1N1DW0SF/?feedName=usDollarRpt&feedType=RSS

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