# MNI BRIEF: Canada Now Less Of A Petro Economy, Macklem Says

> Bank of Canada Governor Tiff Macklem told lawmakers on Tuesday that the Canadian dollar has become less responsive to swings in crude oil prices. He said the Canadian economy is less dependent on petroleum than before.

- Date: 2026-11-03 · published 2026-11-03T18:57:36.129Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/78332-mni-brief-canada-now-less-of-a-petro-economy-macklem-says
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A weaker link between oil and the loonie reduces the currency's sensitivity to crude moves, which matters for USD/CAD hedging and for Canadian-linked feed and grain costs priced in dollars.

## Read by commodity

- USDCAD: neutral

## Sources

- mnimarkets.com: https://www.mnimarkets.com/articles/mni-brief-canada-now-less-of-a-petro-economy-macklem-says-1793729363899

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