# Canadian Dollar Exchange Rates Boosted As GDP Comes In On Forecast And Oil Boosts The CAD

> The Canadian dollar strengthened on June 30, 2017 after Canadian GDP matched forecasts at 0.2% and the US dollar weakened broadly. WTI and Brent crude rose about 3% as the Baker Hughes rig count dipped and reports circulated of possible further OPEC cuts.

- Date: 2017-06-30 · published 2017-06-30T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/70739-canadian-dollar-exchange-rates-boosted-as-gdp-comes-in-on-forecast-and-oil
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Higher crude prices support the loonie and reflect tighter oil expectations, which can feed into biofuel-linked demand for vegetable oils. The currency move mainly affects Canadian export competitiveness.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-04-29 | [Canadian dollar steadies as oil lifts BoC rate hike bets - The Globe and Mail](https://feedsoft.ai/events/19934-canadian-dollar-steadies-as-oil-lifts-boc-rate-hike-bets-the-globe-and-mail.md) | +2.2% | -10.9% |
| WTI | 2024-01-29 | [Canadian Dollar hesitates with Canada GDP, US Fed rate call in the pipe](https://feedsoft.ai/events/32335-canadian-dollar-hesitates-with-canada-gdp-us-fed-rate-call-in-the-pipe.md) | -7.3% | -0.1% |
| WTI | 2021-12-16 | [Canadian dollar rallies as more central banks move on inflation - The Globe and Mail](https://feedsoft.ai/events/43854-canadian-dollar-rallies-as-more-central-banks-move-on-inflation-the-globe-and.md) | +2.7% | +15.7% |
| WTI | 2025-11-28 | [Canadian dollar posts biggest weekly gain since May as GDP surpasses forecasts \| Reuters](https://feedsoft.ai/events/22177-canadian-dollar-posts-biggest-weekly-gain-since-may-as-gdp-surpasses-forecasts.md) | +1.7% | -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% |
| BRENT | 2024-01-29 | [Canadian Dollar hesitates with Canada GDP, US Fed rate call in the pipe](https://feedsoft.ai/events/32335-canadian-dollar-hesitates-with-canada-gdp-us-fed-rate-call-in-the-pipe.md) | -6.0% | -0.7% |
| BRENT | 2023-07-31 | [Canadian dollar notches monthly gain as commodity currencies rally - The Globe and Mail](https://feedsoft.ai/events/35271-canadian-dollar-notches-monthly-gain-as-commodity-currencies-rally-the-globe.md) | +2.4% | +0.2% |
| BRENT | 2021-11-29 | [Canadian dollar rallies as air of calm returns to financial markets - The Globe and Mail](https://feedsoft.ai/events/44263-canadian-dollar-rallies-as-air-of-calm-returns-to-financial-markets-the-globe.md) | -3.1% | +4.8% |

## Sources

- exchangerates.org.uk: https://www.exchangerates.org.uk/news/18389/bullish-the-cad-despite-forecasts-for-gdp-contraction.html

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