# USD/CAD clings to modest gains, remains below 1.3700 mark post-Canadian GDP — Octa

> USD/CAD held modest gains on June 30 and stayed below 1.3700 after Statistics Canada's GDP report showed a less-than-expected 11.6% contraction in April. Sliding oil prices weighed on the loonie, while haven demand for the US dollar rose on rising global coronavirus cases.

- Date: 2020-06-30 · published 2020-06-30T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/52861-usd-cad-clings-to-modest-gains-remains-below-1-3700-mark-post-canadian-gdp-octa
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lower oil prices and haven flows weigh on the Canadian dollar, which can affect the cost of Canadian-sourced feed inputs. The effect on feed prices is limited.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 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 | 2018-11-30 | [Baystreet.ca - USD/CAD - GDP Could Boost Canadian Dollar](https://feedsoft.ai/events/62277-baystreet-ca-usd-cad-gdp-could-boost-canadian-dollar.md) | +0.1% | -12.1% |
| 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 | 2022-09-29 | [USDCAD Price: Canadian Dollar Drops Despite Positive GDP Data](https://feedsoft.ai/events/39821-usdcad-price-canadian-dollar-drops-despite-positive-gdp-data.md) | +6.8% | +7.8% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/832431/

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