# Loonie Dips Amid US Dollar Strength; Eyes Fed Rate Decision, Economic Data

> The Canadian dollar slipped on Tuesday after stronger-than-expected US JOLTS job openings data lifted the US dollar. Markets now price a 62% chance of no Fed rate cut in March. Canadian GDP and US nonfarm payrolls are due later in the week.

- Date: 2024-01-30 · published 2024-01-30T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/32337-loonie-dips-amid-us-dollar-strength-eyes-fed-rate-decision-economic-data
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A firmer US dollar and reduced rate-cut expectations tend to support the dollar index and pressure dollar-denominated commodity prices.

## Read by commodity

- DXY: bullish ▲
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2024-09-16 | [US dollar strengthens ahead of expected Fed rate cut](https://feedsoft.ai/events/28508-us-dollar-strengthens-ahead-of-expected-fed-rate-cut.md) | -0.2% | +1.1% |
| DXY | 2024-08-28 | [US dollar advances on month-end demand; focus on economic data](https://feedsoft.ai/events/28982-us-dollar-advances-on-month-end-demand-focus-on-economic-data.md) | +0.5% | -0.3% |
| DXY | 2024-11-07 | [Vietnam sets dong fix rate at record low amid US dollar strength - The Business Times](https://feedsoft.ai/events/27699-vietnam-sets-dong-fix-rate-at-record-low-amid-us-dollar-strength-the-business.md) | +1.0% | +0.8% |
| DXY | 2023-02-02 | [Oil slumps on economic data, stronger U.S. dollar](https://feedsoft.ai/events/37234-oil-slumps-on-economic-data-stronger-u-s-dollar.md) | +1.3% | +2.1% |
| DXY | 2026-07-23 | [Malaysia's Currency Dips as Dollar Strengthens on Fed Rate Speculation](https://feedsoft.ai/events/18627-malaysia-s-currency-dips-as-dollar-strengthens-on-fed-rate-speculation.md) | +0.2% | -1.9% |

## Sources

- fxdailyreport.com: https://fxdailyreport.com/canadian-dollar-dips-amid-us-dollar-strength-eyes-fed-rate-decision-and-economic-data/

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