# Canadian dollar retreats after surprise GDP contraction - Markets - Business Recorder

> The Canadian dollar weakened about 0.2% against the U.S. dollar on August 31, 2021, giving back earlier gains. Canada's economy shrank 1.1% in the second quarter, and oil fell about 1% as OPEC+ prepared to meet amid U.S. calls for more output.

- Date: 2021-08-31 · published 2021-08-31T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/45791-canadian-dollar-retreats-after-surprise-gdp-contraction-markets-business
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Falling crude and weaker Canadian growth point to a softer loonie. Lower energy prices also reduce diesel and transport costs for feed supply chains.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-11-24 | [Canadian dollar steadies as investors cheer Fed’s dovish signal - Markets - Business Recorder](https://feedsoft.ai/events/38909-canadian-dollar-steadies-as-investors-cheer-fed-s-dovish-signal-markets.md) | +4.1% | -0.4% |
| WTI | 2020-06-30 | [C$ pares monthly gain as data shows record economic contraction - Markets - Business Recorder](https://feedsoft.ai/events/52858-c-pares-monthly-gain-as-data-shows-record-economic-contraction-markets-business.md) | +2.3% | +3.2% |
| WTI | 2021-11-22 | [Canadian dollar weekly losing streak continues - Business & Finance - Business Recorder](https://feedsoft.ai/events/44266-canadian-dollar-weekly-losing-streak-continues-business-and-finance-business.md) | -8.2% | -9.9% |
| WTI | 2022-04-29 | [Canadian dollar hits 7-week low - Business & Finance - Business Recorder](https://feedsoft.ai/events/42107-canadian-dollar-hits-7-week-low-business-and-finance-business-recorder.md) | +2.6% | +9.5% |
| WTI | 2022-03-29 | [Canadian dollar set to snap winning streak - Business & Finance - Business Recorder](https://feedsoft.ai/events/42498-canadian-dollar-set-to-snap-winning-streak-business-and-finance-business.md) | -3.5% | -4.4% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40117022

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