# USDCAD Price: Canadian Dollar Drops Despite Positive GDP Data

> The Canadian dollar weakened despite upbeat Canadian GDP data showing 0.1% growth in July. US jobless claims fell to 193,000, beating forecasts, which supported the US dollar. Falling crude oil prices and risk-off sentiment also weighed on the loonie.

- Date: 2022-09-29 · published 2022-09-29T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/39821-usdcad-price-canadian-dollar-drops-despite-positive-gdp-data
- 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

A stronger US dollar and lower oil prices pressure dollar-priced grain and oilseed values while making US exports cheaper for foreign buyers.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-11-30 | [Baystreet.ca - USD/CAD - GDP Could Boost Canadian Dollar](https://feedsoft.ai/events/62277-baystreet-ca-usd-cad-gdp-could-boost-canadian-dollar.md) | +0.1% | -12.1% |
| WTI | 2026-06-01 | [Canadian Dollar falls despite solid jobs data as US NFP beat forecasts](https://feedsoft.ai/events/19480-canadian-dollar-falls-despite-solid-jobs-data-as-us-nfp-beat-forecasts.md) | +3.5% | -20.5% |
| WTI | 2019-03-01 | [Canadian Dollar Slumps on `Gruesome' GDP and Sliding Oil Prices - Bloomberg](https://feedsoft.ai/events/60317-canadian-dollar-slumps-on-gruesome-gdp-and-sliding-oil-prices-bloomberg.md) | -1.0% | +3.6% |
| WTI | 2023-05-30 | [Canadian dollar dips as oil prices fall more than 4%](https://feedsoft.ai/events/36186-canadian-dollar-dips-as-oil-prices-fall-more-than-4.md) | -0.4% | -6.6% |
| WTI | 2018-05-31 | [Oil Price Slides, Canadian Dollar Exchange Rates Side With It \| Exchange Rates UK](https://feedsoft.ai/events/65244-oil-price-slides-canadian-dollar-exchange-rates-side-with-it-exchange-rates-uk.md) | -5.1% | +11.1% |
| DXY | 2026-06-01 | [Canadian Dollar falls despite solid jobs data as US NFP beat forecasts](https://feedsoft.ai/events/19480-canadian-dollar-falls-despite-solid-jobs-data-as-us-nfp-beat-forecasts.md) | +1.0% | +1.7% |
| DXY | 2025-03-28 | [Australian Dollar depreciates as US Dollar holds position ahead of PCE Price data](https://feedsoft.ai/events/25845-australian-dollar-depreciates-as-us-dollar-holds-position-ahead-of-pce-price.md) | -1.3% | -2.7% |
| DXY | 2019-02-28 | [USD/CAD – Canadian Dollar Dips, U.S. GDP Beats Expectations \| Investing.com](https://feedsoft.ai/events/60838-usd-cad-canadian-dollar-dips-u-s-gdp-beats-expectations-investing-com.md) | +0.8% | +1.0% |

## Sources

- asktraders.com: https://www.asktraders.com/analysis/usdcad-price-canadian-dollar-drops-despite-positive-gdp-data/

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