# Canadian dollar above 76 cents US as oil surges to 1½-year high | CBC News

> The Canadian dollar held above 76 US cents as Brent crude rose above $57 a barrel, a first since July 2015. The rally followed an OPEC and non-OPEC agreement to cut output, with 11 non-OPEC producers agreeing to cut 558,000 barrels a day. The Saudi oil minister also hinted at further cuts.

- Date: 2016-12-12 · published 2016-12-12T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/73711-canadian-dollar-above-76-cents-us-as-oil-surges-to-11-2-year-high-cbc-news
- 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

Expected supply cuts from OPEC and non-OPEC producers tighten crude markets, supporting vegetable oil and biofuel input costs, though the rally proved short-lived.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- USDCAD: neutral

## 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 | 2022-01-11 | [Canadian dollar climbs to 2-month high as oil prices jump](https://feedsoft.ai/events/43396-canadian-dollar-climbs-to-2-month-high-as-oil-prices-jump.md) | +9.3% | +14.3% |
| WTI | 2021-05-12 | [Canadian dollar notches 6-year high as U.S. inflation jumps](https://feedsoft.ai/events/47331-canadian-dollar-notches-6-year-high-as-u-s-inflation-jumps.md) | +0.3% | +7.1% |
| WTI | 2021-02-24 | [Canadian dollar notches 3-year high as oil climbs - Markets - Business Recorder](https://feedsoft.ai/events/48891-canadian-dollar-notches-3-year-high-as-oil-climbs-markets-business-recorder.md) | -3.2% | -6.3% |
| 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% |
| BRENT | 2017-07-31 | [Oil surges as dollar continues slide against the yen \| EconomyNext](https://feedsoft.ai/events/70214-oil-surges-as-dollar-continues-slide-against-the-yen-economynext.md) | +0.4% | -0.2% |
| BRENT | 2021-11-10 | [Canadian dollar outperforms G10 peers as oil clings to recent gains \| Financial Post](https://feedsoft.ai/events/44267-canadian-dollar-outperforms-g10-peers-as-oil-clings-to-recent-gains-financial.md) | -2.4% | -10.8% |
| BRENT | 2017-10-31 | [Oil up near 2-year highs, analysts see more US crude exports](https://feedsoft.ai/events/68630-oil-up-near-2-year-highs-analysts-see-more-us-crude-exports.md) | +5.8% | +4.6% |

## Sources

- cbc.ca: https://www.cbc.ca/news/business/oil-prices-1.3892104

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