# Why is the Canadian Dollar gaining despite lower oil prices?

> The Canadian dollar gained against the US dollar as USD/CAD fell to around 1.3950. The US dollar weakened after a Democratic sweep in the midterm elections raised concerns about gridlock in Washington, and expectations of an end to the Middle East conflict pushed oil prices sharply lower.

- Date: 2026-11-05 · published 2026-11-05T03:09:24.398Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/81014-why-is-the-canadian-dollar-gaining-despite-lower-oil-prices
- 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), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Lower oil prices weigh on the Canadian dollar, but the USD weakness dominated, limiting USD/CAD downside. Markets still price a high chance of a Fed rate hike in December, which keeps the dollar supported.

## Read by commodity

- DXY: bearish ▼
- WTI: bearish ▼
- BRENT: bearish ▼
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-10-31 | [Lower Oil Prices: Canadian Dollar Hits 7-Week Low \| Investors King](https://feedsoft.ai/events/62781-lower-oil-prices-canadian-dollar-hits-7-week-low-investors-king.md) | -6.0% | -24.2% |
| WTI | 2020-01-29 | [Canadian dollar nears seven-week low as oil prices fall - The Globe and Mail](https://feedsoft.ai/events/55300-canadian-dollar-nears-seven-week-low-as-oil-prices-fall-the-globe-and-mail.md) | -7.1% | -8.8% |
| WTI | 2018-12-20 | [The Canadian dollar and the price at the gas pump: Why you can’t win for losing - The Globe and Mail](https://feedsoft.ai/events/61782-the-canadian-dollar-and-the-price-at-the-gas-pump-why-you-can-t-win-for-losing.md) | -6.7% | +12.5% |
| WTI | 2022-10-31 | [Canadian dollar slips to six-day low as oil prices fall - The Globe and Mail](https://feedsoft.ai/events/39347-canadian-dollar-slips-to-six-day-low-as-oil-prices-fall-the-globe-and-mail.md) | +5.4% | -12.2% |
| WTI | 2020-09-29 | [Canadian Dollar Slides on Higher Producer Prices, Crashing Oil Prices](https://feedsoft.ai/events/51350-canadian-dollar-slides-on-higher-producer-prices-crashing-oil-prices.md) | -3.4% | -5.1% |
| BRENT | 2018-12-20 | [The Canadian dollar and the price at the gas pump: Why you can’t win for losing - The Globe and Mail](https://feedsoft.ai/events/61782-the-canadian-dollar-and-the-price-at-the-gas-pump-why-you-can-t-win-for-losing.md) | -8.1% | +10.6% |
| BRENT | 2018-05-31 | [Oil Price Slides, Canadian Dollar Exchange Rates Side With It \| Exchange Rates UK](https://feedsoft.ai/events/65244-oil-price-slides-canadian-dollar-exchange-rates-side-with-it-exchange-rates-uk.md) | -3.1% | +0.2% |
| BRENT | 2018-06-17 | [The Fed Is Driving Down Oil Prices \| OilPrice.com](https://feedsoft.ai/events/64443-the-fed-is-driving-down-oil-prices-oilprice-com.md) | +2.6% | +2.7% |

## Sources

- fxstreet.com: https://www.fxstreet.com/news/canadian-dollar-gains-as-us-dollar-weakens-following-democratic-election-sweep-202611050144

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