# Canadian dollar weakens as boost from CPI data fades | Kitco News

> The Canadian dollar weakened against the US dollar on June 26 as broad US dollar gains offset a brief boost from hot May inflation data. The loonie traded near 1.37 per USD, and the yen fell to its weakest level against the greenback since 1986. Canadian wholesale trade fell 0.9% in May while oil rose to about $81 a barrel.

- Date: 2024-06-26 · published 2024-06-26T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/30013-canadian-dollar-weakens-as-boost-from-cpi-data-fades-kitco-news
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A firmer US dollar against the loonie lowers the Canadian dollar value of US grain and oilseed export prices, which can support Canadian-origin feed demand. Currency moves of this size have only a modest effect on feed prices.

## Read by commodity

- DXY: bullish ▲
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2022-01-26 | [Canadian dollar weakens as BoC foregoes rate hike \| Financial Post](https://feedsoft.ai/events/43390-canadian-dollar-weakens-as-boc-foregoes-rate-hike-financial-post.md) | +0.2% | -0.4% |
| DXY | 2023-02-15 | [Canadian dollar weakens as U.S. data boosts Fed rate hike prospects - The Globe and Mail](https://feedsoft.ai/events/37578-canadian-dollar-weakens-as-u-s-data-boosts-fed-rate-hike-prospects-the-globe.md) | +0.8% | +1.8% |
| DXY | 2018-01-25 | [Canadian dollar falls from 4-month high after Trump boosts U.S. dollar \| CBC News](https://feedsoft.ai/events/67200-canadian-dollar-falls-from-4-month-high-after-trump-boosts-u-s-dollar-cbc-news.md) | -0.3% | +0.7% |
| DXY | 2017-01-27 | [Canadian dollar weakens as oil falls, investors brace for Poloz](https://feedsoft.ai/events/73216-canadian-dollar-weakens-as-oil-falls-investors-brace-for-poloz.md) | -1.2% | -1.2% |
| DXY | 2021-09-28 | [Canadian dollar retreats from 3-week high as bond yields climb \| Financial Post](https://feedsoft.ai/events/45281-canadian-dollar-retreats-from-3-week-high-as-bond-yields-climb-financial-post.md) | +0.5% | -0.1% |

## Sources

- kitco.com: https://www.kitco.com/news/off-the-wire/2024-06-26/canadian-dollar-weakens-boost-cpi-data-fades

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