# USD/CAD advances to over one-week high, holds above 1.3700 as traders look to US PCE data — Octa

> USD/CAD rose to a one-and-a-half-week high near 1.3715 on June 28 as the US dollar gained ahead of the US PCE inflation data. Traders were weighing expectations for Federal Reserve rate cuts after softer US macro releases. Crude oil prices supported the loonie and limited gains.

- Date: 2024-06-28 · published 2024-06-28T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/30015-usd-cad-advances-to-over-one-week-high-holds-above-1-3700-as-traders-look-to-us
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Dollar strength driven by Fed rate expectations tends to pressure dollar-denominated commodity prices, while firm oil supports energy-linked feed costs. The move is a routine FX update with limited direct feed impact.

## Read by commodity

- DXY: bullish ▲
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2026-05-28 | [Australian dollar holds near weekly low vs USD; eyes US PCE data](https://feedsoft.ai/events/19503-australian-dollar-holds-near-weekly-low-vs-usd-eyes-us-pce-data.md) | +0.2% | +1.6% |
| DXY | 2025-03-21 | [Dollar ends week higher versus euro as traders book gains](https://feedsoft.ai/events/25774-dollar-ends-week-higher-versus-euro-as-traders-book-gains.md) | +0.3% | -2.3% |
| DXY | 2024-04-30 | [USD/CAD rises above 1.3700 as strong US Q1 Employment Cost Index, weak Canadian GDP — Octa](https://feedsoft.ai/events/30972-usd-cad-rises-above-1-3700-as-strong-us-q1-employment-cost-index-weak-canadian.md) | -0.5% | -0.9% |
| DXY | 2019-10-31 | [USD/CAD: Pair Surges To 2 Week High On Dovish BoC - Currency Live](https://feedsoft.ai/events/56793-usd-cad-pair-surges-to-2-week-high-on-dovish-boc-currency-live.md) | -0.1% | +0.8% |
| DXY | 2021-10-29 | [Gold hits over one-week low as dollar rallies on inflation data](https://feedsoft.ai/events/44435-gold-hits-over-one-week-low-as-dollar-rallies-on-inflation-data.md) | +0.8% | +2.8% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/1105688/

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