# USD/CAD drops further on the back of GDP data and crude oil rally — Octa

> The Canadian dollar strengthened against the US dollar on Friday after Canadian GDP grew 0.2% in July, above the 0.1% expected. USD/CAD fell more than 100 pips toward 1.2909 as crude oil rallied, with WTI up over 1.5% to about $73.50, a two-month high.

- Date: 2018-09-28 · published 2018-09-28T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/63272-usd-cad-drops-further-on-the-back-of-gdp-data-and-crude-oil-rally-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

A firmer loonie and higher crude reflect strong Canadian economic data and energy prices; for feed buyers this is a macro currency move with little direct effect on grain or meal prices.

## Read by commodity

- WTI: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-07-31 | [USD/CAD falls below 1.3800 as GDP beats and oil sizzles ahead of FOMC decision](https://feedsoft.ai/events/29501-usd-cad-falls-below-1-3800-as-gdp-beats-and-oil-sizzles-ahead-of-fomc-decision.md) | -2.1% | +0.6% |
| WTI | 2017-06-30 | [Canadian Dollar Exchange Rates Boosted As GDP Comes In On Forecast And Oil Boosts The CAD](https://feedsoft.ai/events/70739-canadian-dollar-exchange-rates-boosted-as-gdp-comes-in-on-forecast-and-oil.md) | -1.5% | +10.7% |
| WTI | 2019-02-01 | [Oil rises on strong US jobs data and falling rig count](https://feedsoft.ai/events/60760-oil-rises-on-strong-us-jobs-data-and-falling-rig-count.md) | -2.1% | +6.3% |
| WTI | 2019-03-01 | [Rupee drops 20 paise to 70.92 vs USD amid weak GDP, rising crude](https://feedsoft.ai/events/60390-rupee-drops-20-paise-to-70-92-vs-usd-amid-weak-gdp-rising-crude.md) | -1.0% | +3.6% |
| WTI | 2023-02-23 | [Canadian dollar claws back some recent declines as oil rallies - The Globe and Mail](https://feedsoft.ai/events/37575-canadian-dollar-claws-back-some-recent-declines-as-oil-rallies-the-globe-and.md) | +4.9% | -4.3% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/618103/

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