# Canadian dollar notches biggest monthly advance this year

> The Canadian dollar rose 2.3% in August, its biggest monthly gain this year, despite a 0.1% dip on Friday. Canada's Q2 GDP grew 2.1% annualized, beating forecasts, and markets still expect a Bank of Canada rate cut on September 4.

- Date: 2024-08-30 · published 2024-08-30T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/29030-canadian-dollar-notches-biggest-monthly-advance-this-year
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Broad U.S. dollar weakness and a firmer loonie reflect global soft-landing expectations, which can support commodity demand; the effect on feed prices is indirect.

## Read by commodity

- DXY: bearish ▼
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2025-06-26 | [Canadian dollar notches biggest gain in one month as greenback slides](https://feedsoft.ai/events/24452-canadian-dollar-notches-biggest-gain-in-one-month-as-greenback-slides.md) | -0.9% | -0.6% |
| DXY | 2022-11-04 | [Canadian dollar posts biggest gain in 12 years as jobs surge](https://feedsoft.ai/events/38913-canadian-dollar-posts-biggest-gain-in-12-years-as-jobs-surge.md) | -2.7% | -4.3% |
| DXY | 2018-01-26 | [Dollar falls, set for biggest monthly drop in nearly 2 years](https://feedsoft.ai/events/10400-dollar-falls-set-for-biggest-monthly-drop-in-nearly-2-years.md) | -0.0% | +1.1% |
| DXY | 2020-08-31 | [Canadian dollar rises nearly 3% in August, posting its biggest gain in 14 months - The Globe and Mail](https://feedsoft.ai/events/51854-canadian-dollar-rises-nearly-3-in-august-posting-its-biggest-gain-in-14-months.md) | +0.1% | +1.4% |
| DXY | 2023-03-30 | [Sterling set for biggest monthly gain vs dollar since November](https://feedsoft.ai/events/37118-sterling-set-for-biggest-monthly-gain-vs-dollar-since-november.md) | -0.4% | -0.3% |

## Sources

- livemint.com: https://www.livemint.com/news/canadian-dollar-notches-biggest-monthly-advance-this-year-11725042920724.html

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