Why is the Canadian Dollar gaining despite lower oil prices?

After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.

• Oct 31, 2018Lower Oil Prices: Canadian Dollar Hits 7-Week Low | Investors King-6.0%
• Jan 29, 2020Canadian dollar nears seven-week low as oil prices fall - The Globe and Mail-7.1%
• Dec 20, 2018The Canadian dollar and the price at the gas pump: Why you can’t win for losing - The Globe and Mail-6.7%
• Oct 31, 2022Canadian dollar slips to six-day low as oil prices fall - The Globe and Mail+5.4%
• Sep 29, 2020Canadian Dollar Slides on Higher Producer Prices, Crashing Oil Prices-3.4%

After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.

• Dec 20, 2018The Canadian dollar and the price at the gas pump: Why you can’t win for losing - The Globe and Mail-8.1%
• May 31, 2018Oil Price Slides, Canadian Dollar Exchange Rates Side With It | Exchange Rates UK-3.1%
• Jun 17, 2018The Fed Is Driving Down Oil Prices | OilPrice.com+2.6%
• Dec 6, 2022Ringgit ends lower against US dollar as oil prices decline | Malay Mail-6.1%
• Jul 20, 2026Why oil prices haven't gone crazy despite 5 months of US-Iran war | Reuters+13.9%

Not enough comparable past events yet for a historical read.

After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.

• May 25, 2023Why is the Mexican Peso Gaining against the Dollar?-0.4%
• Jul 28, 2023Why is the US dollar losing its shine?+1.3%
• Jan 24, 2018Why the dollar is weak-0.8%
• Nov 29, 2023The Australian dollar is surging. Here’s why+1.0%
• Jul 27, 2017The U.S. dollar drop could send gold prices soaring-0.6%