# USD/CAD delivers modest recovery ahead of core PCE Inflation data — Octa

> The USD/CAD pair held support near 1.3520 on August 31 as the US dollar recovered ahead of core PCE inflation data. Canada's Q2 GDP grew 0.3%, slower than Q1's 0.8%, and oil rallied above $82.

- Date: 2023-08-31 · published 2023-08-31T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/34817-usd-cad-delivers-modest-recovery-ahead-of-core-pce-inflation-data-octa
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Firmer oil supports the loonie and Canadian export commodity values, while a stronger dollar on sticky US inflation keeps pressure on dollar-denominated feed prices.

## Read by commodity

- DXY: bullish ▲
- WTI: bullish ▲
- USDCAD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-09-18 | [Canadian dollar hits 1-month high ahead of inflation data](https://feedsoft.ai/events/34337-canadian-dollar-hits-1-month-high-ahead-of-inflation-data.md) | -0.9% | -3.5% |
| WTI | 2023-04-12 | [Oil rises 2% on lower-than-expected US inflation data \| Reuters](https://feedsoft.ai/events/36559-oil-rises-2-on-lower-than-expected-us-inflation-data-reuters.md) | -0.8% | -9.6% |
| WTI | 2022-11-10 | [Oil prices settle 1% higher on tepid U.S. inflation data \| Reuters](https://feedsoft.ai/events/38852-oil-prices-settle-1-higher-on-tepid-u-s-inflation-data-reuters.md) | -0.2% | -16.8% |
| WTI | 2018-09-28 | [USD/CAD drops further on the back of GDP data and crude oil rally — Octa](https://feedsoft.ai/events/63272-usd-cad-drops-further-on-the-back-of-gdp-data-and-crude-oil-rally-octa.md) | +3.1% | -6.8% |
| WTI | 2017-01-20 | [Latam currencies up ahead of Trump inauguration](https://feedsoft.ai/events/73272-latam-currencies-up-ahead-of-trump-inauguration.md) | +4.0% | +3.9% |
| DXY | 2025-07-31 | [US Dollar Index trades near 100.00, inches lower ahead of PCE inflation data](https://feedsoft.ai/events/23956-us-dollar-index-trades-near-100-00-inches-lower-ahead-of-pce-inflation-data.md) | -0.7% | -0.6% |
| DXY | 2021-05-28 | [USD/JPY set to retest 110 ahead of US data — Octa](https://feedsoft.ai/events/47355-usd-jpy-set-to-retest-110-ahead-of-us-data-octa.md) | -0.1% | +1.0% |
| DXY | 2024-05-31 | [USD/INR trims losses ahead of Indian GDP, US PCE data](https://feedsoft.ai/events/30562-usd-inr-trims-losses-ahead-of-indian-gdp-us-pce-data.md) | +0.3% | +1.8% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/1062761/

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