# USD/CAD extends downside to 1.3800 after US/Canada economic data — Octa

> The USD/CAD pair slipped to near 1.3800 after weak US ADP employment data and slightly better-than-expected Canadian May GDP. Markets awaited the Federal Reserve's policy announcement, expected to hold rates with dovish guidance.

- Date: 2024-07-31 · published 2024-07-31T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/29503-usd-cad-extends-downside-to-1-3800-after-us-canada-economic-data-octa
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Softer US labor data points to Fed easing that weakens the dollar, supporting the loonie and currency-linked commodity pricing in USD terms.

## Read by commodity

- DXY: bearish ▼
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2018-02-21 | [US: Weaker dollar is here to stay – Capital Economics — Octa](https://feedsoft.ai/events/66699-us-weaker-dollar-is-here-to-stay-capital-economics-octa.md) | +0.5% | +0.3% |
| DXY | 2022-07-29 | [USD/CAD sees a decisive move below 1.2800, US PCE and Canada GDP eyed — Octa](https://feedsoft.ai/events/40718-usd-cad-sees-a-decisive-move-below-1-2800-us-pce-and-canada-gdp-eyed-octa.md) | -0.2% | +0.8% |
| DXY | 2023-08-30 | [Dollar falls to two-week low as economic data softens](https://feedsoft.ai/events/34779-dollar-falls-to-two-week-low-as-economic-data-softens.md) | +1.3% | +2.3% |
| DXY | 2024-08-29 | [USD/CAD drops to near 1.3460 as US Dollar edges lower ahead of inflation test — Octa](https://feedsoft.ai/events/29036-usd-cad-drops-to-near-1-3460-as-us-dollar-edges-lower-ahead-of-inflation-test.md) | +0.5% | -0.7% |
| DXY | 2024-07-29 | [EUR/USD extends upside above 1.0850, eyes on Eurozone GDP, Fed rate decision — Octa](https://feedsoft.ai/events/29487-eur-usd-extends-upside-above-1-0850-eyes-on-eurozone-gdp-fed-rate-decision-octa.md) | -0.2% | -1.8% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/1110459/

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