Energy Information Administration — News Archive


Canadian Dollar Rallies Against US Peer on Strong Oil Prices, Later Falls

The Canadian dollar today rallied against its US peer as oil prices hit new multi-month highs before giving up its gains and heading lower. The USD/CAD currency pair later recouped most of its losses as oil lost its lustre at a crucial resistance level dragging the loonie lower.

Canadian Dollar Gets Boost from Trade Surplus, Crude Oil Prices

The Canadian dollar gained on its most-traded rivals today, gaining help from the positive domestic trade data, which showed an unexpected surplus, and rising prices for crude oil, Canada’s major export commodity.

Canadian Dollar Falls on Cratering Oil Prices, Weaker Manufacturing Data

The Canadian dollar is tumbling on Thursday, thanks to crude oil prices slipping below the key $70 threshold and weak manufacturing data. The loonie had surged to a 11-day high on Wednesday before retreating against several other currencies.

Canadian Dollar Weakens on Lower Crude Prices, Higher US Bond Yields

The Canadian dollar is trading lower against its US and European counterparts midweek. The loonie has been tumbling on lower crude oil prices and rising US bond yields that analysts fear could impact global growth. It appears that striking a new trilateral trade deal with the US and Mexico only provided short-term relief for the currency.

Canadian Dollar Jumps to Six-Week High as US Oil Inventories Decline

The Canadian dollar rallied to a six-week high on Thursday after the US government reported a bigger-than-expected decline in crude oil inventories. The loonie may also find direction in several key US economic reports, as well as President Donald Trump’s recent meeting with European Union (EU) Commission President Jean-Claude Juncker.

Loonie Follows Crude Oil in Decline, Ignoring Increase in Building Permits

The Canadian dollar fell against its most-traded peers today (though not against the surprisingly soft euro) even after a report revealed that Canadian building permits climbed by more than two times the forecast amount in December. The likely reason for the drop was the decline of crude oil prices.

Canadian Dollar Strengthens Against US Peer as Crude Inventories Fall

The Canadian dollar strengthened against the US dollar and the British pound on Wednesday, as oil prices climbed after a decline in US inventories improved the outlook for global supply. Traders’ concerns about trade relations between the United States and its northern neighbor eased today, which further supported the loonie.

Canadian Dollar Rises Against US Dollar Ahead of Labor Market Data

The Canadian dollar had small gains against its US counterpart on Thursday, one day before the release of employment data and unemployment numbers in Canada. The US dollar was weaker today after the number of jobless claims missed estimates.

Canadian Dollar Falls as Oil Prices Sharply Decline

The Canadian dollar lost its gains against the US dollar earlier today as a drop in oil prices overshadowed uncertainty about the presidential election in the USA.

CAD Gains vs. EUR & AUD, Loses Gains vs. USD

The Canadian dollar gained against the euro and the Australian dollar today after a report showed that US inventories of crude oil shrank unexpectedly last week. The currency had also rallied against the US dollar but has lost its gains after the Federal Reserve concluded its policy meeting.