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The Canadian dollar rose 2.3% in August, its biggest monthly gain this year, despite a 0.1% dip on Friday. Canada's Q2 GDP grew 2.1% annualized, beating forecasts, and markets still expect a Bank of Canada rate cut on September 4.
Broad U.S. dollar weakness and a firmer loonie reflect global soft-landing expectations, which can support commodity demand; the effect on feed prices is indirect.
livemint.comReutersAug 30, 2024Not enough comparable past events yet for a historical read.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% 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.
