# USD/CAD hangs near two-week lows, below 1.2600 mark ahead of Canadian GDP — Octa

> USD/CAD held near two-week lows below 1.2600 on August 31, 2021, ahead of Canada's GDP release. Fading expectations of an early Fed rate increase and lower U.S. Treasury yields weighed on the U.S. dollar, while a modest pullback in crude oil limited the loonie's losses.

- Date: 2021-08-31 · published 2021-08-31T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/45795-usd-cad-hangs-near-two-week-lows-below-1-2600-mark-ahead-of-canadian-gdp-octa
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A broadly weaker U.S. dollar supports commodity prices priced in dollars. Softer crude limits the loonie's support from energy exports.

## Read by commodity

- DXY: bearish ▼
- WTI: bearish ▼
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2022-07-29 | [USD/CAD sees a decisive move below 1.2800, US PCE and Canada GDP eyed — Octa](https://feedsoft.ai/events/40718-usd-cad-sees-a-decisive-move-below-1-2800-us-pce-and-canada-gdp-eyed-octa.md) | -0.2% | +0.8% |
| DXY | 2020-02-28 | [US Dollar Index drops to 3-week lows near 98.40 ahead of US docket — Octa](https://feedsoft.ai/events/54776-us-dollar-index-drops-to-3-week-lows-near-98-40-ahead-of-us-docket-octa.md) | -0.5% | +4.3% |
| DXY | 2024-08-29 | [USD/CAD drops to near 1.3460 as US Dollar edges lower ahead of inflation test — Octa](https://feedsoft.ai/events/29036-usd-cad-drops-to-near-1-3460-as-us-dollar-edges-lower-ahead-of-inflation-test.md) | +0.5% | -0.7% |
| DXY | 2019-08-29 | [USD/JPY holds weaker below 106.00 handle, US GDP in focus — Octa](https://feedsoft.ai/events/57810-usd-jpy-holds-weaker-below-106-00-handle-us-gdp-in-focus-octa.md) | -0.3% | -0.1% |
| DXY | 2021-07-29 | [USD/JPY consolidates below 110.00 ahead of US critical data — Octa](https://feedsoft.ai/events/46299-usd-jpy-consolidates-below-110-00-ahead-of-us-critical-data-octa.md) | -0.3% | +0.4% |
| WTI | 2021-08-31 | [USD/CAD rebounds from two-week lows, retakes 1.2600 mark post-Canadian GDP — Octa](https://feedsoft.ai/events/45792-usd-cad-rebounds-from-two-week-lows-retakes-1-2600-mark-post-canadian-gdp-octa.md) | -1.2% | +8.9% |
| WTI | 2020-06-30 | [USD/CAD clings to modest gains, remains below 1.3700 mark post-Canadian GDP — Octa](https://feedsoft.ai/events/52861-usd-cad-clings-to-modest-gains-remains-below-1-3700-mark-post-canadian-gdp-octa.md) | +2.3% | +3.2% |
| WTI | 2020-02-28 | [US Dollar Index drops to 3-week lows near 98.40 ahead of US docket — Octa](https://feedsoft.ai/events/54776-us-dollar-index-drops-to-3-week-lows-near-98-40-ahead-of-us-docket-octa.md) | -2.6% | -61.0% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/921528/

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