# CAD on the backfoot to start month - OFX (CA)

> The Canadian dollar started February weaker against the US dollar, with USDCAD rising from 1.276 toward 1.283. The US Dollar Index nearly touched 91 after being below 90 since late December, amid GameStop-driven equity volatility and EU-AstraZeneca vaccine disputes.

- Date: 2021-01-31 · published 2021-01-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/49374-cad-on-the-backfoot-to-start-month-ofx-ca
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A rebound in the US dollar index raises the price of USD-denominated feed commodities for non-US buyers. The move reflects shifting risk sentiment rather than a change in feed supply.

## Read by commodity

- DXY: bullish ▲
- USDCAD: bullish ▲

## Sources

- ofx.com: https://www.ofx.com/en-ca/forex-news/daily-and-weekly-market-news/2021/02/01/cad-on-the-backfoot-to-start-month/

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