# USD/CAD falls below 1.3800 as GDP beats and oil sizzles ahead of FOMC decision

> The USD/CAD pair fell below 1.3800 as Canadian GDP beat forecasts and WTI crude rose about $2.43 to $77.17. Markets priced a high probability of a third Bank of Canada cut on September 4 ahead of the Fed decision.

- Date: 2024-07-31 · published 2024-07-31T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/29501-usd-cad-falls-below-1-3800-as-gdp-beats-and-oil-sizzles-ahead-of-fomc-decision
- 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 oil and a firmer loonie reflect stronger Canadian economic conditions, while rate-cut pricing on both sides shapes currency flows that affect USD-denominated commodity trade.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-09-28 | [USD/CAD drops further on the back of GDP data and crude oil rally — Octa](https://feedsoft.ai/events/63272-usd-cad-drops-further-on-the-back-of-gdp-data-and-crude-oil-rally-octa.md) | +3.1% | -6.8% |
| WTI | 2020-10-27 | [Canadian Dollar Buoyed by Firmer Oil Prices, Stock Markets ahead of Bank of Canada Decision](https://feedsoft.ai/events/50859-canadian-dollar-buoyed-by-firmer-oil-prices-stock-markets-ahead-of-bank-of.md) | -4.6% | +11.7% |
| WTI | 2022-01-31 | [Euro Jumps Ahead of EU GDP and German CPI as US Dollar Pauses. Where to for EUR/USD? \| Forex trading, free forex education \| Forex.ca](https://feedsoft.ai/events/43342-euro-jumps-ahead-of-eu-gdp-and-german-cpi-as-us-dollar-pauses-where-to-for-eur.md) | +5.6% | +9.8% |
| WTI | 2026-04-29 | [USD/CAD round-trips to 1.3690 as the post-FOMC spike fully fades](https://feedsoft.ai/events/19938-usd-cad-round-trips-to-1-3690-as-the-post-fomc-spike-fully-fades.md) | +2.2% | -10.9% |
| WTI | 2026-10-27 | [Canadian Dollar edges lower vs firmer USD as bullish oil limits losses ahead of BoC, Fed](https://feedsoft.ai/events/17262-canadian-dollar-edges-lower-vs-firmer-usd-as-bullish-oil-limits-losses-ahead-of.md) | -1.0% | — |

## Sources

- investinglive.com: https://investinglive.com/news/usdcad-falls-below-13800-as-gdp-beats-and-oil-sizzles-ahead-of-fomc-decision-20240731/

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