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The Canadian dollar rallied about 0.6% to 1.4365 per US dollar on Thursday after touching its weakest level since March 2020. Technical indicators showed the US dollar overbought against the loonie to a degree not seen in over two years.
Oil fell 0.8% to $70.02 a barrel.
Oil is one of Canada's main exports, so the lower crude price weighs on the loonie and on Canadian energy trade. The currency and crude moves together influence the cost of Canadian feed and energy inputs.
theglobeandmail.comFergal SmithDec 19, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
