# USD/CAD: Loonie Falls on Weak Q3 GDP; Fed Decision Eyed Next Week | FXEmpire

> The Canadian dollar weakened in early trade on Friday after third-quarter GDP was estimated at a 1.9% annualized rate, below expectations. Traders also worried the Federal Reserve would take a more hawkish stance on inflation. A Scotiabank strategist said the loonie could slide toward 1.25 or 1.26 if the Bank of Canada does not signal a faster hiking path.

- Date: 2021-10-29 · published 2021-10-29T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/44817-usd-cad-loonie-falls-on-weak-q3-gdp-fed-decision-eyed-next-week-fxempire
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Weaker-than-expected Canadian growth and a firmer U.S. dollar lift USD/CAD. Oil prices are a key driver of the loonie, so the currency move feeds into Canadian energy and commodity export values.

## Read by commodity

- USDCAD: bullish ▲

## Sources

- fxempire.com: https://www.fxempire.com/forecasts/article/usd-cad-loonie-falls-on-weak-q3-gdp-fed-decision-eyed-next-week-794233

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