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The Canadian dollar fell below 72 U.S. cents for the first time in more than four years, closing near 71.86 cents. Analysts attribute the drop to diverging Canadian and U.S. growth outlooks and interest rate expectations, with the Bank of Canada having cut its key rate by half a point.
Lower loonie values raise the cost of U.S.-denominated feed ingredients for Canadian buyers while making Canadian exports cheaper abroad. Continued pressure would mainly affect import-dependent feed costs in Canada.
bnnbloomberg.caThe Canadian PressNov 1, 2024
cp24.comThe Canadian PressOct 30, 2024Not enough comparable past events yet for a historical read.
After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
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.
