# Canadian dollar hits 2-week low as rate hikes ‘begin to bite’

> The Canadian dollar edged lower on July 28 to around 1.324 per US dollar after preliminary data showed Canada's economy likely contracted 0.2% in June. US inflation slowed to its weakest pace in over two years in June, and US crude settled near $80.58 a barrel.

- Date: 2023-07-28 · published 2023-07-28T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/35272-canadian-dollar-hits-2-week-low-as-rate-hikes-begin-to-bite
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Slowing Canadian activity and easing US inflation point to a possible end to rate hikes, which tends to weigh on the loonie and modestly supports oil-linked demand sentiment.

## Read by commodity

- WTI: neutral
- USDCAD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-11-28 | [Canadian dollar posts biggest decline in six weeks as China outlook weighs - The Globe and Mail](https://feedsoft.ai/events/38906-canadian-dollar-posts-biggest-decline-in-six-weeks-as-china-outlook-weighs-the.md) | +4.6% | +4.2% |
| WTI | 2019-10-21 | [Loonie rallies to three-month high as Canadians vote in general election](https://feedsoft.ai/events/56797-loonie-rallies-to-three-month-high-as-canadians-vote-in-general-election.md) | +5.2% | +7.1% |
| WTI | 2022-10-17 | [Canadian dollar gains as investors weigh high inflation expectations - The Globe and Mail](https://feedsoft.ai/events/39353-canadian-dollar-gains-as-investors-weigh-high-inflation-expectations-the-globe.md) | -0.7% | +3.7% |
| WTI | 2022-05-31 | [Rupee plunges to all-time low of 77.71 against dollar as U.S. Treasury yields spike](https://feedsoft.ai/events/41685-rupee-plunges-to-all-time-low-of-77-71-against-dollar-as-u-s-treasury-yields.md) | +3.0% | -1.7% |
| WTI | 2020-07-27 | [Dollar’s weakness boosts rally in commodities and currencies - Gulf Times](https://feedsoft.ai/events/5318-dollar-s-weakness-boosts-rally-in-commodities-and-currencies-gulf-times.md) | -2.7% | +2.6% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-canadian-dollar-hits-2-week-low-as-rate-hikes-begin-to-bite/

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