# USD/CAD hits fresh 2018 high above 1.28 ahead of Friday’s GDP data - OFX (CA)

> USD/CAD rose above 1.28 to a fresh 2018 high after the federal budget and a weaker stock market. The pair was at a 10-week high for the Canadian dollar's weakness ahead of Friday's GDP release.

- Date: 2018-02-28 · published 2018-02-28T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/66727-usd-cad-hits-fresh-2018-high-above-1-28-ahead-of-friday-s-gdp-data-ofx-ca
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A weaker loonie makes Canadian feed inputs such as canola meal cheaper for US buyers, while the dollar strength reflects broader risk-off flows.

## Read by commodity

- DXY: bullish ▲
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2021-11-16 | [Asian Open: USD/JPY Hits a 3-Year High Ahead of Japan’s Trade Data](https://feedsoft.ai/events/44281-asian-open-usd-jpy-hits-a-3-year-high-ahead-of-japan-s-trade-data.md) | +0.9% | +1.4% |
| DXY | 2024-05-31 | [USD/INR trims losses ahead of Indian GDP, US PCE data](https://feedsoft.ai/events/30562-usd-inr-trims-losses-ahead-of-indian-gdp-us-pce-data.md) | +0.3% | +1.8% |
| DXY | 2021-09-30 | [USD/JPY touches multi-year high near 112.00 ahead of US GDP, stronger USD — Octa](https://feedsoft.ai/events/45301-usd-jpy-touches-multi-year-high-near-112-00-ahead-of-us-gdp-stronger-usd-octa.md) | +0.0% | -1.1% |
| DXY | 2024-06-28 | [USD/CAD advances to over one-week high, holds above 1.3700 as traders look to US PCE data — Octa](https://feedsoft.ai/events/30015-usd-cad-advances-to-over-one-week-high-holds-above-1-3700-as-traders-look-to-us.md) | -0.7% | -0.5% |
| DXY | 2021-05-28 | [USD/JPY set to retest 110 ahead of US data — Octa](https://feedsoft.ai/events/47355-usd-jpy-set-to-retest-110-ahead-of-us-data-octa.md) | -0.1% | +1.0% |

## Sources

- ofx.com: https://www.ofx.com/en-ca/forex-news/daily-and-weekly-market-news/2018/03/01/usdcad-hits-fresh-2018-high-above-128-ahead-of-fridays-gdp-data/

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