# Baystreet.ca - USD/CAD - GDP Could Boost Canadian Dollar

> Statistics Canada released third-quarter GDP showing 2.0 percent growth, weaker than the 2.9 percent in Q2 and a forecast 2.0 percent. WTI was at a 12-month low amid concerns over a global slowdown and record US output, and reports suggested OPEC and Russia may consider further cuts.

- Date: 2018-11-30 · published 2018-11-30T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/62277-baystreet-ca-usd-cad-gdp-could-boost-canadian-dollar
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Weak oil prices and record US crude output pressure energy-linked currencies and Canadian export revenue. Possible OPEC cuts and G20 trade progress are the main upside risks for crude and currency sentiment.

## Read by commodity

- WTI: bearish ▼
- USDCAD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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% |
| WTI | 2017-08-31 | [USD/CAD Canadian Dollar Lower After US GDP Improvement And Tax Reform Talk - ActionForex](https://feedsoft.ai/events/69712-usd-cad-canadian-dollar-lower-after-us-gdp-improvement-and-tax-reform-talk.md) | +6.8% | +12.3% |
| WTI | 2018-02-12 | [Canadian Dollar's Correlation to Oil is Back, and this Could Spell Downside](https://feedsoft.ai/events/66729-canadian-dollar-s-correlation-to-oil-is-back-and-this-could-spell-downside.md) | +4.4% | +3.6% |
| WTI | 2016-12-22 | [Canadian dollar could drop to 65 cents US in 2017, Macquarie forecasts \| CBC News](https://feedsoft.ai/events/73704-canadian-dollar-could-drop-to-65-cents-us-in-2017-macquarie-forecasts-cbc-news.md) | +3.9% | +1.9% |
| WTI | 2024-09-30 | [Canadian Dollar Hits Six-Day Low While US Dollar Gains Strength - Finimize](https://feedsoft.ai/events/28561-canadian-dollar-hits-six-day-low-while-us-dollar-gains-strength-finimize.md) | +9.1% | +5.0% |

## Sources

- baystreet.ca: https://www.baystreet.ca/forex_trader/1926/usdcad--gdp-could-boost-canadian-dollar

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