# Canadian Dollar Tests Support As Oil Rises, US Dollar Weakens - USD/CAD To Break 1.30 This Week | Exchange Rates UK

> The Canadian dollar tested support near 1.30 on July 31, 2018 as oil prices rose and the U.S. dollar weakened. Scotiabank noted mixed drivers, with domestic oil prices soft and yield spreads consolidating.

- Date: 2018-07-31 · published 2018-07-31T12:00:00.000Z
- Category: market · region Canada · magnitude low
- Page: https://feedsoft.ai/events/64261-canadian-dollar-tests-support-as-oil-rises-us-dollar-weakens-usd-cad-to-break-1
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Currency swings tied to oil and NAFTA headlines affect the landed cost of Canadian feed commodities, though the effect on feed prices is modest.

## Read by commodity

- WTI: bullish ▲
- USDCAD: neutral

## Sources

- exchangerates.org.uk: https://www.exchangerates.org.uk/news/22495/canadian-dollar-tests-support-as-oil-rises-us-dollar-weakens--usdcad-to-break-130-this-week.html

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