# USD/CAD rises above 1.3700 as strong US Q1 Employment Cost Index, weak Canadian GDP — Octa

> USD/CAD rose above 1.3700 on April 30 after a US Q1 Employment Cost Index rose 1.2% against a 1.0% forecast, while Canadian monthly GDP grew 0.2% versus 0.3% expected. The dollar index neared 106.00.

- Date: 2024-04-30 · published 2024-04-30T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/30972-usd-cad-rises-above-1-3700-as-strong-us-q1-employment-cost-index-weak-canadian
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Stronger US labor cost data lifts the dollar and keeps Fed cuts distant, which tends to pressure dollar-priced commodities and firm the loonie-denominated cost of Canadian feed inputs.

## Read by commodity

- DXY: bullish ▲
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2024-06-28 | [USD/CAD advances to over one-week high, holds above 1.3700 as traders look to US PCE data — Octa](https://feedsoft.ai/events/30015-usd-cad-advances-to-over-one-week-high-holds-above-1-3700-as-traders-look-to-us.md) | -0.7% | -0.5% |
| DXY | 2019-02-28 | [USD/CAD – Canadian Dollar Dips, U.S. GDP Beats Expectations \| Investing.com](https://feedsoft.ai/events/60838-usd-cad-canadian-dollar-dips-u-s-gdp-beats-expectations-investing-com.md) | +0.8% | +1.0% |
| DXY | 2023-07-28 | [AUD/USD struggles near three-week low amid stronger USD, ahead of US PCE Price Index — Octa](https://feedsoft.ai/events/35310-aud-usd-struggles-near-three-week-low-amid-stronger-usd-ahead-of-us-pce-price.md) | +1.3% | +2.0% |
| DXY | 2018-04-30 | [USD: Recent rise suggest it will prove sticky - Westpac — Octa](https://feedsoft.ai/events/65689-usd-recent-rise-suggest-it-will-prove-sticky-westpac-octa.md) | +1.0% | +2.2% |
| DXY | 2021-06-28 | [USD/JPY remains strong above 110.80 amid higher US Treasury yields — Octa](https://feedsoft.ai/events/46841-usd-jpy-remains-strong-above-110-80-amid-higher-us-treasury-yields-octa.md) | +0.5% | +1.1% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/1098637/

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