# USD/CAD declines towards 1.3200 as US Dollar extends correction ahead of US Factory PMI — Octa

> USD/CAD fell toward 1.3200 on July 31 as the US dollar index eased to near 101.60 and oil rose above $81. Traders awaited the US manufacturing PMI, which was expected to show continued contraction.

- Date: 2023-07-31 · published 2023-07-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/35275-usd-cad-declines-towards-1-3200-as-us-dollar-extends-correction-ahead-of-us
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A softer dollar and firmer oil support commodity-linked currencies, while continued US factory weakness reduces demand expectations for industrial and energy-linked markets.

## Read by commodity

- DXY: bearish ▼
- WTI: bullish ▲
- USDCAD: bearish ▼

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/1056600/

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