# Loonie heads for best month since April as Bank of Canada hike and oil lift currency | Token Times

> The Canadian dollar was up 1.9% in October, its strongest month since April. The Bank of Canada raised rates for the first time in over three years to counter inflation from higher energy prices, and oil prices stayed elevated. Canadian inflation reached 3.1% in September.

- Date: 2026-10-31 · published 2026-11-01T12:08:57.892Z
- Category: macro · region Canada · magnitude medium
- Page: https://feedsoft.ai/events/8893-loonie-heads-for-best-month-since-april-as-bank-of-canada-hike-and-oil-lift
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Higher Canadian rates and firm oil prices have strengthened the loonie, which lowers the local-currency cost of Canadian-origin feed ingredients. Stronger oil prices also raise energy and freight costs across feed supply chains.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-04-29 | [Canadian dollar steadies as oil lifts BoC rate hike bets - The Globe and Mail](https://feedsoft.ai/events/19934-canadian-dollar-steadies-as-oil-lifts-boc-rate-hike-bets-the-globe-and-mail.md) | +2.2% | -10.9% |
| WTI | 2026-05-22 | [S. Korea's currency hits 1 1/2-month low as oil prices climb \| Yonhap News Agency](https://feedsoft.ai/events/19515-s-korea-s-currency-hits-1-1-2-month-low-as-oil-prices-climb-yonhap-news-agency.md) | -8.2% | -17.5% |
| WTI | 2016-05-25 | [Spread between US oil and natural gas hits 20-month high - The Business Times](https://feedsoft.ai/events/7639-spread-between-us-oil-and-natural-gas-hits-20-month-high-the-business-times.md) | +1.7% | +1.9% |
| WTI | 2024-04-04 | [Brent Oil Futures Hit $90 a Barrel for First Time Since October - Bloomberg](https://feedsoft.ai/events/30897-brent-oil-futures-hit-90-a-barrel-for-first-time-since-october-bloomberg.md) | +0.9% | -6.8% |
| WTI | 2026-09-28 | [Asian currencies: Thai baht hits two-month low as oil prices surge - Markets - Business Recorder](https://feedsoft.ai/events/17732-asian-currencies-thai-baht-hits-two-month-low-as-oil-prices-surge-markets.md) | +9.1% | +18.9% |

## Sources

- tokenstimes.com: https://www.tokenstimes.com/en/article/02c31c9d-3609-4ef8-8dac-9f5c00886e41

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