# Canadian Dollar retreats as volatile Oil prices overshadow hawkish BoC remarks

> USD/CAD rebounded to around 1.3993 on Tuesday as the Canadian dollar gave up early gains amid swings in oil prices. WTI traded flat near $95 after a reported US strike on Iran's Qeshm Island and later reports of diplomatic concessions. BoC Governor Tiff Macklem said further rate hikes may be needed.

- Date: 2026-11-03 · published 2026-11-03T18:09:30.041Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/78105-canadian-dollar-retreats-as-volatile-oil-prices-overshadow-hawkish-boc-remarks
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Canada is a major crude exporter, so oil swings feed directly into CAD and the cost base for feed buyers; hawkish BoC signals point to tighter Canadian financial conditions and firmer costs for businesses.

## Read by commodity

- WTI: neutral
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-07-28 | [Canadian dollar hits 2-week low as rate hikes ‘begin to bite’](https://feedsoft.ai/events/35272-canadian-dollar-hits-2-week-low-as-rate-hikes-begin-to-bite.md) | +1.8% | -1.0% |
| WTI | 2022-11-28 | [Canadian dollar posts biggest decline in six weeks as China outlook weighs - The Globe and Mail](https://feedsoft.ai/events/38906-canadian-dollar-posts-biggest-decline-in-six-weeks-as-china-outlook-weighs-the.md) | +4.6% | +4.2% |
| WTI | 2022-10-17 | [Canadian dollar gains as investors weigh high inflation expectations - The Globe and Mail](https://feedsoft.ai/events/39353-canadian-dollar-gains-as-investors-weigh-high-inflation-expectations-the-globe.md) | -0.7% | +3.7% |
| WTI | 2020-09-30 | [Arab News \| Oil prices ‘likely to remain static despite output cuts’](https://feedsoft.ai/events/51279-arab-news-oil-prices-likely-to-remain-static-despite-output-cuts.md) | +3.7% | +0.8% |
| WTI | 2026-07-29 | [ING Says Dollar to Take Cue from Oil Prices If Fed Holds Rate \| Financial Post](https://feedsoft.ai/events/18262-ing-says-dollar-to-take-cue-from-oil-prices-if-fed-holds-rate-financial-post.md) | -4.4% | +3.8% |

## Sources

- fxstreet.com: https://www.fxstreet.com/news/canadian-dollar-retreats-as-volatile-oil-prices-overshadow-hawkish-boc-remarks-202611031758

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