# C$ edges higher against firmer greenback as oil surges

> The Canadian dollar edged higher against a firmer US dollar as oil prices jumped on a deal by major producers to cut output. US crude settled more than 9 percent higher at $49.44 a barrel, and Canada's economy grew in the third quarter.

- Date: 2016-11-30 · published 2016-11-30T12:00:00.000Z
- Category: macro · region Canada · magnitude medium
- Page: https://feedsoft.ai/events/74053-c-edges-higher-against-firmer-greenback-as-oil-surges
- 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

Higher crude prices from the OPEC cut lift energy costs and biofuel economics, which can support vegetable oil and meal values. The loonie's gain reflects oil's influence on Canadian export earnings.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 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) | -0.3% | -4.0% |
| WTI | 2016-11-30 | [Dollar surges to 8-1/2-month high against yen on OPEC deal](https://feedsoft.ai/events/74079-dollar-surges-to-8-1-2-month-high-against-yen-on-opec-deal.md) | +12.5% | +19.3% |
| WTI | 2025-03-26 | [Colombian Peso Surges 1.57% Against USD As Oil Climbs And Political Uncertainty Eases](https://feedsoft.ai/events/25891-colombian-peso-surges-1-57-against-usd-as-oil-climbs-and-political-uncertainty.md) | +3.1% | -9.8% |
| WTI | 2020-08-26 | [C$ eases against broadly firmer US dollar - Markets - Business Recorder](https://feedsoft.ai/events/51857-c-eases-against-broadly-firmer-us-dollar-markets-business-recorder.md) | -1.1% | -7.6% |
| WTI | 2017-12-04 | [Ringgit surges to 4.06 against dollar \| Malay Mail](https://feedsoft.ai/events/67748-ringgit-surges-to-4-06-against-dollar-malay-mail.md) | -1.9% | +3.5% |
| BRENT | 2023-07-27 | [Ringgit continues to trade higher against greenback \| Malay Mail](https://feedsoft.ai/events/35322-ringgit-continues-to-trade-higher-against-greenback-malay-mail.md) | +0.8% | +0.8% |
| 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 | 2020-04-30 | [Ringgit opens higher against USD](https://feedsoft.ai/events/53929-ringgit-opens-higher-against-usd.md) | +33.7% | +72.6% |

## Sources

- reuters.com: https://www.reuters.com/article/canada-forex-idUSL1N1DV2CQ/?feedName=usDollarRpt&feedType=RSS

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