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USD/CAD rose to a one-and-a-half-week high near 1.3715 on June 28 as the US dollar gained ahead of the US PCE inflation data. Traders were weighing expectations for Federal Reserve rate cuts after softer US macro releases.
Crude oil prices supported the loonie and limited gains.
Dollar strength driven by Fed rate expectations tends to pressure dollar-denominated commodity prices, while firm oil supports energy-linked feed costs. The move is a routine FX update with limited direct feed impact.
octaafrica.netJun 28, 2024Not enough comparable past events yet for a historical read.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.
