# USD/CAD Helped By Oil Weakness, But Election Anxiety Keeps a Lid - Currency Live

> USD/CAD recovered more than 45 pips to trade near its intraday high as oil prices hit multi-month lows on demand worries. Traders awaited Canadian GDP and US data while the US election added uncertainty.

- Date: 2020-10-30 · published 2020-10-30T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/50856-usd-cad-helped-by-oil-weakness-but-election-anxiety-keeps-a-lid-currency-live
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Oil weakness tied to demand slowdown and Libyan supply return pressures energy prices, which can weigh on biofuel and ethanol economics.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-10-30 | [Poloz helped the Loonie, but a weak Crude Oil and a strong USD dollar index are not - OFX (US)](https://feedsoft.ai/events/62775-poloz-helped-the-loonie-but-a-weak-crude-oil-and-a-strong-usd-dollar-index-are.md) | -5.8% | -23.3% |
| WTI | 2020-10-30 | [Commodity currencies slide on oil, dollar braces for election \| Financial Post](https://feedsoft.ai/events/50816-commodity-currencies-slide-on-oil-dollar-braces-for-election-financial-post.md) | +7.3% | +26.5% |
| WTI | 2024-09-23 | [Oil settles lower on weak euro zone business activity](https://feedsoft.ai/events/28479-oil-settles-lower-on-weak-euro-zone-business-activity.md) | -5.4% | -3.9% |
| WTI | 2020-07-30 | [USD/CAD jumps to weekly highs above 1.3450 on oil selloff — Octa](https://feedsoft.ai/events/52353-usd-cad-jumps-to-weekly-highs-above-1-3450-on-oil-selloff-octa.md) | +2.6% | +5.1% |
| WTI | 2023-04-27 | [Oil market has absorbed surprise production cut by OPEC+](https://feedsoft.ai/events/36572-oil-market-has-absorbed-surprise-production-cut-by-opec.md) | -7.7% | +0.1% |
| BRENT | 2020-10-30 | [Commodity currencies slide on oil, dollar braces for election \| Financial Post](https://feedsoft.ai/events/50816-commodity-currencies-slide-on-oil-dollar-braces-for-election-financial-post.md) | +8.3% | +27.9% |
| BRENT | 2024-09-23 | [Oil settles lower on weak euro zone business activity](https://feedsoft.ai/events/28479-oil-settles-lower-on-weak-euro-zone-business-activity.md) | -4.5% | -3.1% |
| BRENT | 2023-04-27 | [Oil market has absorbed surprise production cut by OPEC+](https://feedsoft.ai/events/36572-oil-market-has-absorbed-surprise-production-cut-by-opec.md) | -7.4% | -0.3% |

## Sources

- currencylive.com: https://currencylive.com/news/104685-usd-cad-helped-by-oil-weakness-but-election-anxiety-keeps-a-lid/

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