# Canadian dollar firms despite softer oil before trade figures

> The Canadian dollar strengthened against the US dollar on 4 November, with USD/CAD down 0.41% to about C$1.3948, while December WTI fell 0.93% to $95.20. Statistics Canada was scheduled to release September merchandise-trade figures later that day, following an August surplus of C$4.2 billion.

- Date: 2026-11-04 · published 2026-11-05T06:08:12.699Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/81157-canadian-dollar-firms-despite-softer-oil-before-trade-figures
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Canadian canola and oilseed export flows are tied to trade data and US tariff timing, and a firmer loonie can weigh on Canadian canola export competitiveness. Softer crude also reduces biofuel-linked demand support for vegetable oils.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bearish ▼
- CANMEAL: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-11-07 | [Canadian dollar weakens despite wider trade surplus - The Globe and Mail](https://feedsoft.ai/events/33410-canadian-dollar-weakens-despite-wider-trade-surplus-the-globe-and-mail.md) | -3.2% | -11.3% |
| WTI | 2026-06-01 | [Canadian Dollar falls despite solid jobs data as US NFP beat forecasts](https://feedsoft.ai/events/19480-canadian-dollar-falls-despite-solid-jobs-data-as-us-nfp-beat-forecasts.md) | +3.5% | -20.5% |
| WTI | 2023-05-30 | [Canadian dollar dips as oil prices fall more than 4%](https://feedsoft.ai/events/36186-canadian-dollar-dips-as-oil-prices-fall-more-than-4.md) | -0.4% | -6.6% |
| WTI | 2022-03-31 | [Canadian dollar shrugs off the oil drop](https://feedsoft.ai/events/42501-canadian-dollar-shrugs-off-the-oil-drop.md) | -10.6% | -2.2% |
| WTI | 2022-04-22 | [Canadian dollar falls by most since December despite hawkish BoC \| Reuters](https://feedsoft.ai/events/42106-canadian-dollar-falls-by-most-since-december-despite-hawkish-boc-reuters.md) | +1.5% | +8.0% |

## Sources

- fxnews.ai: https://fxnews.ai/news/canadian-dollar-firms-oil-trade-data-4-november-2026/

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