# USD/CAD jumps to weekly highs above 1.3450 on oil selloff — Octa

> USD/CAD rose to a one-week high near 1.3450 on Thursday as WTI fell below $40 after a 32.9% annualised US Q2 GDP contraction. Analysts expected a 3.5% Canadian May expansion.

- Date: 2020-07-30 · published 2020-07-30T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/52353-usd-cad-jumps-to-weekly-highs-above-1-3450-on-oil-selloff-octa
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A sharp crude selloff weakens oil-linked currencies and signals weaker energy demand, which can pressure energy-linked commodities and related feed input costs.

## Read by commodity

- DXY: neutral
- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-03-30 | [USD/CAD climbs to daily highs above 1.4150 as WTI extends slide below $20 - Forex Crunch](https://feedsoft.ai/events/54357-usd-cad-climbs-to-daily-highs-above-1-4150-as-wti-extends-slide-below-20-forex.md) | +64.1% | -28.3% |
| WTI | 2021-08-31 | [USD/CAD hangs near two-week lows, below 1.2600 mark ahead of Canadian GDP — Octa](https://feedsoft.ai/events/45795-usd-cad-hangs-near-two-week-lows-below-1-2600-mark-ahead-of-canadian-gdp-octa.md) | -1.2% | +8.9% |
| WTI | 2025-10-01 | [Oil slumps to 16-week low on U.S. shutdown and possible OPEC+ plans](https://feedsoft.ai/events/23037-oil-slumps-to-16-week-low-on-u-s-shutdown-and-possible-opec-plans.md) | -1.0% | -3.5% |
| WTI | 2022-06-28 | [USD/CAD to enjoy substantial gains towards 1.33 in early 2023 – CIBC — Octa](https://feedsoft.ai/events/41179-usd-cad-to-enjoy-substantial-gains-towards-1-33-in-early-2023-cibc-octa.md) | -9.0% | -12.6% |
| WTI | 2024-09-06 | [Oil settles down 2%, big weekly drop after US jobs data](https://feedsoft.ai/events/12384-oil-settles-down-2-big-weekly-drop-after-us-jobs-data.md) | -0.3% | +6.2% |
| DXY | 2025-10-01 | [Oil slumps to 16-week low on U.S. shutdown and possible OPEC+ plans](https://feedsoft.ai/events/23037-oil-slumps-to-16-week-low-on-u-s-shutdown-and-possible-opec-plans.md) | +0.3% | +0.3% |
| DXY | 2024-09-06 | [Oil settles down 2%, big weekly drop after US jobs data](https://feedsoft.ai/events/12384-oil-settles-down-2-big-weekly-drop-after-us-jobs-data.md) | -0.0% | -0.3% |
| DXY | 2025-07-30 | [USD: Fed set to leave all options open – MUFG — Octa](https://feedsoft.ai/events/23957-usd-fed-set-to-leave-all-options-open-mufg-octa.md) | -0.0% | -0.4% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/839544/

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