# Canadian Dollar hesitates with Canada GDP, US Fed rate call in the pipe

> The Canadian dollar eased on Monday after crude oil pared early highs on Red Sea headlines and China growth concerns. Houthi rebels struck a commercial tanker in the Red Sea over the weekend, and markets priced in expected retaliation. Canadian GDP and the Fed rate decision are due Wednesday.

- Date: 2024-01-29 · published 2024-01-29T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/32335-canadian-dollar-hesitates-with-canada-gdp-us-fed-rate-call-in-the-pipe
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Red Sea escalation lifts crude and freight costs, which raise feed transport and energy input costs, though the story is mainly currency commentary.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- USDCAD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2017-06-30 | [Canadian Dollar Exchange Rates Boosted As GDP Comes In On Forecast And Oil Boosts The CAD](https://feedsoft.ai/events/70739-canadian-dollar-exchange-rates-boosted-as-gdp-comes-in-on-forecast-and-oil.md) | +2.3% | +8.2% |
| BRENT | 2024-08-26 | [Interest rates: US dollar sinks as traders position for rate cuts by the Federal Reserve](https://feedsoft.ai/events/28691-interest-rates-us-dollar-sinks-as-traders-position-for-rate-cuts-by-the-federal.md) | -0.2% | -5.6% |
| BRENT | 2026-09-29 | [Fed Rate Hike Bets and US Bond Rout Bolster the Dollar, Hurt Equities and Gold \| Investing.com](https://feedsoft.ai/events/17391-fed-rate-hike-bets-and-us-bond-rout-bolster-the-dollar-hurt-equities-and-gold.md) | +5.1% | +3.9% |
| BRENT | 2023-07-31 | [Canadian dollar notches monthly gain as commodity currencies rally - The Globe and Mail](https://feedsoft.ai/events/35271-canadian-dollar-notches-monthly-gain-as-commodity-currencies-rally-the-globe.md) | +2.4% | +0.2% |
| BRENT | 2021-11-29 | [Canadian dollar rallies as air of calm returns to financial markets - The Globe and Mail](https://feedsoft.ai/events/44263-canadian-dollar-rallies-as-air-of-calm-returns-to-financial-markets-the-globe.md) | -3.1% | +4.8% |
| WTI | 2017-06-30 | [Canadian Dollar Exchange Rates Boosted As GDP Comes In On Forecast And Oil Boosts The CAD](https://feedsoft.ai/events/70739-canadian-dollar-exchange-rates-boosted-as-gdp-comes-in-on-forecast-and-oil.md) | -1.5% | +10.7% |
| WTI | 2026-07-30 | [Canadian Dollar consolidates as traders awaits US GDP and PCE data](https://feedsoft.ai/events/18593-canadian-dollar-consolidates-as-traders-awaits-us-gdp-and-pce-data.md) | -10.1% | +2.3% |
| WTI | 2019-10-31 | [Rupee rises 9 paise against US dollar after Fed rate cut  - The Hindu](https://feedsoft.ai/events/56841-rupee-rises-9-paise-against-us-dollar-after-fed-rate-cut-the-hindu.md) | +2.4% | +5.8% |

## Sources

- fxstreet.com: https://www.fxstreet.com/news/canadian-dollar-softens-on-crude-oil-hesitation-with-canada-gdp-us-fed-rate-call-in-the-pipe-202401291605

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